President Trump and Tesla CEO Elon Musk are on the same page regarding China’s car tariffs.
Musk asked Trump on Twitter if there should be “equal & fair rules” between the U.S. and China concerning cars, noting that China places a 25 percent import duty on American vehicles but the U.S. only places a 2.5 percent import duty on cars from China.
“Do you think the US & China should have equal & fair rules for cars? Meaning, same import duties, ownership constraints & other factors,” Musk said on Twitter Thursday.
Do you think the US & China should have equal & fair rules for cars? Meaning, same import duties, ownership constraints & other factors.
— Elon Musk (@elonmusk) March 8, 2018
“I am against import duties in general, but the current rules make things very difficult. It’s like competing in an Olympic race wearing lead shoes,” he added.
I am against import duties in general, but the current rules make things very difficult. It’s like competing in an Olympic race wearing lead shoes.
— Elon Musk (@elonmusk) March 8, 2018
Trump signed a proclamation Thursday to exert a 25 percent tariff on most steel imports and a 10 percent tariff on most aluminum imports.
Trump read Musk’s tweets out loud at a press conference about the steel and aluminum tariffs.
“We are going to be doing a reciprocal tax program at some point, so that if China is going to charge us 25 percent or if India is going to charge us 75 percent and we charge them nothing … We’re going to be at those same numbers. It’s called reciprocal, a mirror tax,” Trump added.
The Trump administration has requested an arrangement with China that would trim the U.S. annual trade deficit with China by $100 billion, the Wall Street Journal reports.
