Elon Musk snaps at Peter Navarro over CNBC tariff comments
During a CNBC interview about tariffs, Elon Musk clapped back at Peter Navarro after the President Trump’s trade advisor commented on Tesla.
On Tuesday, President Donald Trump announced that his administration would soon implement tariffs on pharmaceuticals imported from foreign countries, suggesting that pharmaceutical companies might relocate their operations to the U.S.
“We’ll be announcing a major tariff on pharmaceuticals very soon… when they hear this news, they will leave China and other countries because… the majority of their products are sold here,” Trump stated during a National Republican Congressional Committee dinner.
While Trump exempted pharmaceuticals from the significant tariffs he rolled out last week, he has been indicating for months that this industry would become a target.
In a previous conversation with reporters in February, Trump suggested that tariffs on imported drugs would commence around 25% and potentially increase thereafter.
Analysts and academics caution that imposing tariffs on drug imports will lead to higher consumer prices.
On Tuesday, Trump asserted that these tariffs would aid Republicans in the upcoming 2026 midterm elections. The tariffs have stirred volatility in the stock market and raised concerns about a potential economic downturn, which could pose risks for the ruling party.
“We’re going to win the midterm elections and I believe it will be a massive landslide… I genuinely think we’re greatly benefitted by the current tariff situation,” Trump remarked. “This is a good situation, not a bad one. It’s going to be legendary—you’ll see. In a positive way.”
On Tuesday, the White House announced that tariffs on Chinese goods will increase to 104% starting Wednesday. Trump declared an additional 50% tariff on Chinese goods, building upon an initial 20% levy and a 34% reciprocal tariff, following China’s response to the existing tariffs with its own 34% tax.
Reported by: Ken Alltucker
