Elon Musk Suggests Zero-Tariff System Between US, Europe
(MENAFN) On Saturday, US billionaire Elon Musk expressed his support for a “zero-tariff” arrangement between the United States and Europe, envisioning it as a means to "effectively create a free trade zone."
Musk shared his thoughts during a video conference with Italy's right-wing populist League party, where he addressed Italian Deputy Premier Matteo Salvini.
Musk emphasized that, in his opinion, both the US and Europe should aim to transition towards a zero-tariff framework, which would result in a seamless trading relationship between Europe and North America.
Musk's comments came after United States Leader Donald Trump inked an executive order earlier in the week that introduced reciprocal tariffs on countries across the globe.
This decision has played a significant role in contributing to ongoing market instability and uncertainty.
In response to Trump's actions, the head of the European Parliament’s International Trade Committee strongly condemned the imposition of a new 20 percent tariff on European Union (EU) imports.
The European official vowed that the EU would take "legal, legitimate, proportionate, and decisive measures" to address the situation.
He stressed that these steps were necessary to safeguard the EU's democratic processes and its economic independence.
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