Elon Musk receives olive branch of shifting business empire base to Europe amidst feud with Donald Trump
Donald Trump
. The Trump-Musk political marriage blew up on Thursday as the president declared himself "very disappointed" in criticisms from his former aide and top donor -- before the pair hurled insults at each other on social media.
At the commission's daily briefing, spokesperson Paula Pinho was asked whether Musk had reached out to the European Union with a view to relocating his businesses, or setting up new ones. "He's very welcome," she replied with a smile.
The commission's spokesperson for tech matters, Thomas Regnier, followed up by stressing -- straight-faced -- that "everyone is very welcome indeed to start and to scale in the EU".
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0.00%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Bamboo: Unsold Furniture Liquidation 2024 (Prices May Surprise You)
Unsold Furniture | Search Ads
Learn More
Undo
"That is precisely the objective of Choose Europe," he said, referencing an EU initiative in favour of start-ups and expanding businesses.
Musk has been a frequent critic of the 27-nation EU -- attacking its digital laws as censorship and berating its leaders, while cheering on the ascendant far-right in Germany and elsewhere.
Live Events
The tycoon's row with Trump saw the president threaten to strip him of government contracts estimated at $18 billion -- with Musk vowing in response to end a critical US spaceship programme.
Explaining the rift, Trump said Musk had gone "crazy" about a plan to end electric vehicle subsidies in the new US spending bill -- as the bust-up sent shares in Musk's Tesla car company plunging.
FAQs
Q1. Who is Tesla chief?
A1. Tesla Chief is Elon Musk.
Q2. How many nations are there in EU?
A2. There are 27 nations in the European Union.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
14 minutes ago
- Indian Express
Uncertainty around US tariffs will not be over after August 1, even with signed trade deals
The US tariff saga has gone through many twists and turns. And many more are likely left. The ratcheting up of tariffs last month is broader and higher than expected. In late May, the view was that while the extant US average tariff rate was around 13-14 per cent, it was headed towards 18-20 per cent. Much of the increase was expected to be focused on ASEAN, where the tariff rate would be raised to that of China's to eliminate transshipment of Chinese exports to the US via the region. While those on Vietnam and Indonesia were in line with expectations, the additional tariffs on Brazil, Canada, and Mexico were not. Nor was the higher 50 per cent rate on copper. However, negotiations are ongoing, including with India, the EU, and Korea. If this week's Japan deal is any guide, tariffs on these economies will likely be half of the threatened levels. But, even at the reduced rate, if these, along with those on EU and the likely extensions of global sectoral tariffs to semiconductors and pharmaceuticals, are realised, then the effective tariff rate could well exceed 20 per cent. All eyes are therefore on August 1, which is the new deadline set by the administration for countries to finalise trade deals. But there is an upcoming and surprisingly overlooked event that could easily make these trade deals moot and plunge the tariff discussions into more uncertainty. On May 28, the US Court of International Trade (USCIT) ruled that tariffs imposed using the provisions under the International Emergency Economic Powers Act (IEEPA) overstepped the authority granted by the Act. The ruling did not consider the current conditions in the US to be a 'state of emergency,' which is needed to invoke IEEPA, to be convincing nor the use of tariffs to address it. Tariffs could be imposed, if the government so desired, but via the other options at its disposal. Not IEEPA. A federal appeals court granted the government a stay on the order and is slated to begin hearing arguments on the appeal on July 31. All the universal, reciprocal, and fentanyl-related tariffs are based on IEEPA. The tariffs unaffected are the Section 301 tariffs on China imposed under Trump 1.0 and extended by the Biden administration, and the global sectoral tariffs on aluminum, autos and auto parts, copper, and steel that were imposed under Section 232. It is unclear how the appeals court will rule. But regardless of the decision, either party is likely to move the case to the Supreme Court. If the tariffs under IEEPA are eventually disallowed by the US Supreme Court, the government will shift to other options. Tariffs are central to this administration's economic agenda and will thus be pursued. Unlike those under IEEPA, the tariffs under the other options are more cumbersome, limited in scope, and significantly more resource intensive. But they can be implemented in a compressed time frame if the administration so desires. A potential sequence of such actions could be the following. Use Section 122 to impose tariffs of 15 per cent for 150 days on all countries (justified to address balance of payments needs or to prevent a significant depreciation of the dollar). At the same time, ratchet up the tariffs on China that were imposed under Section 301 in Trade War 1.0 by both the Trump and Biden administrations. Keep tariffs on steel and aluminum at 50 per cent (as on copper) and raise that on autos from 25 per cent to 50 per cent. Hasten the ongoing Section 232 (sector specific on grounds on national economic security) investigations into semiconductors, pharmaceuticals, and lumber to bring these under the tariff net of 25 per cent – 50 per cent. Use Section 338 to impose tariffs on countries that are deemed to discriminate specifically against US commercial interests (such as digital services taxes by Australia, the EU, Canada, India, and others, although the taxes are imposed on other countries too). Complete Section 301 investigations on large trading partners (some are ongoing, for example, on the EU and Brazil). These investigations are resource intensive as they need to first identify the specific policy of a trading partner that is the basis of 'unfair competition 'and then quantify the 'harm' that such policies impose on US consumers for each product and for each country. The tariff rate needs to be commensurate with the harm caused and, thus, differ, from product to product for each country. Finally, roll all tariffs under Sections 301 and 232. As one can imagine, this is an arduous and uncertain process. However, the direction of travel is more certain — the average effective tariff rate is likely to settle close to 20 per cent. Needless to say, the country- and product-specific impact of Sections 301 and 232 tariffs could be vastly different than under IEEPA. Markets so far have largely shrugged off the announced new tariffs. This is understandable given the quick deescalation after the strong market and corporate reaction to the Liberation Day tariffs; the possibility that the August 1 deadline is postponed; and the eventual negotiated tariff rates could be different from those announced. However, a court ruling on IEEPA could well turn both the August 1 deadline and the trade deals moot, including potentially that with India. If the basis of these deals, that is, IEEPA, is no longer admissible, then we are headed for renegotiations with tariffs under sections 301 and 232. These could be starkly different than those that are being negotiated now. The uncertainty around US tariffs will not be over after August 1, even with signed trade deals. US courts might well upset the best laid plans of mice and men. Continued uncertainty is the only certainty. The writer is Chief Emerging Markets Economist, J P Morgan. Views are personal
Economic Times
14 minutes ago
- Economic Times
Euro rises after US, EU agree to tariff deal
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The euro gained on Monday following the announcement of a framework trade agreement between the United States and the European Union, the latest in a flurry of deals to avert a global trade war Meeting in Scotland on Sunday, U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal, which will result in a 15% tariff on EU goods, half what Trump had threatened to impose from August U.S. and Chinese negotiators are due to meet in Stockholm on Monday with an aim to extend a trade truce and prevent steep tariff hikes. Meanwhile, investor attention is shifting towards corporate earnings and central bank meetings in the U.S. and Japan."It could be a positive week, just purely from the fact that now we know the rules of the game, if you like," said Rodrigo Catril, senior currency strategist at National Australia Bank."Now that there is more clarity, you would think that not only in the U.S., but around the globe, there will be a little bit more willingness to look at investment, to look at expansions, and to look at where the opportunities are," he said on a NAB euro stood at $1.1763, up 0.2% so far in Asia. The common currency rose 0.2% to 173.78 said the EU plans to invest some $600 billion in the U.S. and dramatically increase its purchases of American energy and military equipment. The pact is similar to one forged with Tokyo negotiators last week that will see Japan investing some $550 billion in the U.S. and a 15% tariff imposed on its cars and other baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff is facing an August 12 deadline to reach a durable trade pact with the U.S. No breakthrough is expected in the U.S. and China talks in Stockholm, but analysts said another 90-day extension of a trade truce struck in mid-May was U.S. dollar advanced on Friday, bolstered by solid economic data that suggested the Federal Reserve could take its time in resuming interest rate cuts. Both the Fed and the Bank of Japan are expected to hold rates steady at this week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next dollar was little changed at 147.68 yen. The dollar index, which tracks the greenback against major peers, fell 0.1% to traded at $1.34385, down almost 0.1%. The Australian dollar fetched $0.6576, up 0.2%, while New Zealand's kiwi dollar was flat at $0.6019.
Mint
14 minutes ago
- Mint
Elon Musk and Tesla's $30 trillion AI supersonic tsunami
Tesla shareholders are used to volatility. Shares dipped 8% on Thursday after Tesla reported second-quarter earnings. Shares bounced about 4% on Friday. Coming into the week of trading, Tesla stock was down 22% year to date and up about 44% over the past 12 months. Tesla CEO Elon Musk offered some pretty eye-popping aspirations for the company during remarks on Saturday. Musk made a virtual appearance at the Tesla Owners of Silicon Valley 2025 'Takeover" party in San Mateo, Calif. The group is, essentially, a fan club and community for Tesla and Musk enthusiasts. Its Takeover event draws attendees from all over the world, according to organizers. The headline from the event might just have been an admittedly aspirational comment about $30 trillion a year in humanoid robot revenue. Tesla is using its artificial intelligence and manufacturing capabilities to build its Optimus humanoid robots. Version three of 'Optimus is the right design to go to volume production," said Musk. Tesla plans to make a few hundred of those by the end of 2025. Originally, Tesla planned to have a few thousand, but the new design slowed things down a little. Tesla still plans to ramp production higher in 2026. Tesla is betting big on AI, using it for robots and to train its self-driving cars. Robots are 'probably the world's biggest product…There's a market for 20 billion robots," said Musk. 'Hypothetically, if Tesla was making one billion of these a year…maybe on the order of $30,000, I'm just guessing here, that's $30 trillion in revenue." It's an incredible prediction. 'Long way to go between here and making one billion robots a year," added Musk. There isn't a significant market for humanoid robots yet. Nvidia CEO Jensen Huang has said that robots can become the world's largest market. (Housing, consumer electronics, and cars are three of the largest today.) The world spends 'what $50 trillion on human labor a year now?" says Futurum chief market strategist Shay Boloor. Useful robots are 'pretty disruptive if you can conquer it." Musk, for his part, doesn't fear the labor disruption, believing it will end up creating an age of abundance with hard labor essentially eliminated. 'I've never seen any technology advance as fast as AI," said Musk, describing it as a supersonic tsunami. It's all pie in the sky for now, but quite a vision of the future. Investors should pay attention to events like the 'Takeover." It's almost like a Wall Street event for the EV maker. Tesla is more of a retail stock than the megacap companies. Smaller retail investors hold more than 40% of the shares available for trading, according to Bloomberg. The average for the rest of the Magnificent Seven is closer to 25%. Whether the interview will move Tesla's stock on Monday is anyone's guess. Shares dipped 8% on Thursday after Tesla reported second-quarter earnings on Wednesday evening. Shares bounced about 4% on Friday. Coming into the week of trading, Tesla stock was down 22% year to date and up about 44% over the past 12 months. Shares are trading for about 180 times estimated 2025 earnings. That's the second-highest PE ratio in the S&P 500, according to Bloomberg, trailing only Palantir Technologies. That valuation indicates that, to some extent, investors are as optimistic about the future. Write to Al Root at
