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Tesla, led by Elon Musk, is cautioning about the potential repercussions of Donald Trump’s trade war. They warned that retaliatory tariffs could harm not only electric car makers but also other American automakers.
In a letter to US trade representative Jamieson Greer, Tesla emphasized the importance of considering the broader impacts of trade actions on American businesses. They stressed the need for fair trade practices that do not inadvertently harm US companies.
Tesla urged the US Trade Representative (USTR) office to carefully evaluate the downstream effects of proposed actions to address unfair trade practices. They highlighted the disproportionate impact that US exporters often face when other countries respond to trade actions taken by the US.
The company, which has been a supporter of Trump, expressed concerns about potential tariffs on electric vehicles and parts imported to targeted countries. They cited past instances where trade disputes led to increased tariffs on vehicles and parts manufactured globally.
As Tesla continues to navigate the challenges of trade policies, they emphasized the importance of considering implementation timelines and taking a step-by-step approach to allow US companies to prepare and adapt accordingly.
Meanwhile, German automaker BMW reported a decline in net profit due to trade tariffs. They highlighted the impact of US trade actions on their business performance and reiterated the challenges posed by a competitive global environment.
BMW’s forecast takes into account various tariffs, including those on steel and aluminum. The company faces challenges in China, where local EV manufacturers are gaining market share, leading to a decline in BMW and Mini sales.
Despite these obstacles, BMW remains committed to navigating the complexities of trade and geopolitical developments to maintain business resilience and performance.
Source: www.theguardian.com
