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Musk lost $11 billion the day after Donald Trump's tariffs took effect, according to Bloomberg.
US President Donald Trump says he is willing to talk to China and the EU, but first allies and adversaries must first pay a lot of money.
Trump also revealed that Beijing blew up the TikTok deal because of tariffs.
"We had a deal, more or less, on TikTok. Not a deal, but very close, and then China changed the deal because of the tariffs. If I had lowered the tariffs a little bit, they would have approved that deal in 15 minutes, which shows the power of the tariffs, right?" Donald Trump said while speaking to reporters aboard Air Force One.
What will happen to markets after tariffs?
The president is a raging river. He says he doesn't want the markets to crash on purpose. "No, that's not the case, but I want to solve the deficit that we have with China, the European Union and other countries, and they're going to have to do that. And if they want to talk about it, I'm open to talking."
He says he doesn't know what will happen to the markets, but that he is pleased with the US prospects.
"I can't say what will happen to the markets. But our country is much stronger." When asked what his threshold was for the market to fall, the tycoon said: "I think your question is so stupid. I don't want anything to fall. But sometimes you have to take medicine to fix something."
Fees such as medicine
He reiterates that he has spoken "to many Europeans, Asians, all over the world, they are dying to make a deal" on tariffs.
"I told them we will not have deficits with their countries. We will not do it because for me deficit is a loss. We will have surpluses, or in the worst case we will break even. Trading partners are sitting at the table and want to talk," he added, believing that the tariffs, which he defined as "medicine", are working.
Asked if he wanted zero tariffs with Europe, as Elon Musk said, US President Donald Trump opposed it.
"Europe has made a fortune out of us. Europe has treated us very badly. They are coming to the table. They want to talk, but you don't talk unless you pay us a lot of money on an annual basis."
Zero duty zone
He insists Beijing is the worst Dragon among the group of countries with which Washington has a trade deficit.
"We lose hundreds of billions of dollars a year to China. And if we don't solve this problem, I'm not going to make a deal. I'm open to a deal, but they have to solve their surplus. China is taking a big hit right now because we all know it," he said.
Trump has also denied rumors of zero tariffs for the EU.
American investments in NATO have also come into question.
"The United States cannot lose $1.9 trillion on trade. We cannot do that and we also spend a lot of money on NATO to protect European nations, we cover them with militaries and we lose money on trade. This whole thing is crazy, and I was elected on that basis," Trump said.
Trump's demands
Elon Musk , the world's richest man and the face of the Trump administration's Department of Government Efficiency, said Saturday that he hopes for a "zero-tariff situation" between Europe and the United States.
“At the end of the day, I hope it’s agreed that both Europe and the United States should ideally move, in my opinion, towards a zero-tariff situation, effectively creating a free trade area between Europe and North America,” Musk said in an interview with Italy’s Deputy Prime Minister Matteo Salvini.
Musk's comments come after President Donald Trump announced 20% tariffs on goods from the European Union on Wednesday.
In an exchange Saturday on his social media platform, X, Musk hit out at Peter Navarro, the Trump administration's top adviser on trade and manufacturing, who has defended the tariffs.
Musk lost $11 billion the day after Donald Trump's tariffs took effect, according to Bloomberg./ Pamphlet
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