Art Laffer, a former economic advisor to Reagan, discusses President Donald Trump's claim that the United States has been “twound” by other countries of “Varney & Co.”
Elon Musk's brother Kimbal Musk blows up President Donald Trump's new tariff policy in a post in X this week, calling the measure “a permanent tax on American consumers.”
Kim Balumsk commented on Monday, less than a week after Trump announced aggressive tariffs, affecting many of the world's largest economies, including China and the European Union.
“Who would have thought Trump was actually the highest tax president of a generation,” Kim Baru Musk said. “Through his tariff strategy, Trump has implemented a structural, permanent tax on American consumers.”
Musk also said tariffs would reduce consumerism and reduce employment that contradicts previous claims from the Trump administration.
Musk says he wants “zero tariffs”, a trade freedom zone between us and Europe
Elon Musk's brother Kimbal Musk has publicly criticized President Donald Trump's radical tariff policies. (Chris Saud/Getty Images)
“Even if he succeeded in leading his work on the coast. Customs tax, We are not that good at making everything, so prices remain high and taxes on consumption remain in the form of higher prices. That means there's less work. This reduces consumption. And even less work. ”
When X-user asked why other countries were worried about whether taxes would ultimately go to American consumers, Kimbal Musk said tariffs would affect demand for all foreign goods.
“Other countries care because taxes reduce product consumption,” Kimbal Musk said. “Reducing consumption volumes will not generate more jobs in the US. The net result is less employment on both sides of the border and higher prices in the US.”
Musk is a well-known restaurateur who co-owns a kitchen restaurant group along with restaurants in Colorado, Chicago and Austin, Texas. He is also on the boards of Elon Musk's Tesla and SpaceX.
Muskspar with White House trade advisor Peter Navarro: “More stupid than a brick bag”
President Donald Trump has imposed tariffs on many of his major trading partners. (Rebecca Noble/Getty Images)
Earlier this month, the Trump administration said “tariffs are an effective tool to achieve economic and strategic goals,” and said the tariffs imposed during Trump's first term effectively raised employment in the United States.
“President Trump's first term steel tariffs provided thousands of jobs in the metals industry along with wages rising,” the White House said in a statement on April 2.
Fox News Digital contacted the White House on Wednesday for additional comment but did not respond immediately.
Despite the Trump administration's claim that tariffs will improve the US economy, Tesla CEO and Trump's ally Elon Musk said they hope the US moves towards a “zero riff situation” with Europe. (Reuters/Kent Nishimura/Reuters)
Elon MuskTesla's CEO and prominent Trump adviser who led government efficiency, is encouraging the president towards a “zero tariff” between the US and Europe. The proposal marked one of the few recent cases where Trump's allies have publicly opposed the president.
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“After all, I hope that both Europe and the US are ideally agreeing to move ideally in my view to effectively create a free trade zone between Europe and North America,” Elon Musk said.
Anders Hagstrom from Fox News contributed to this report.
