Topline
Trump trade adviser Peter Navarro denied Sunday he’s feuding with billionaire Elon Musk over President Donald Trump’s sweeping tariffs, after the billionaire attacked Navarro on X for defending them, as Musk—normally Trump’s top public cheerleader—has stayed notably silent on Trump’s trade agenda and its debilitating impact on the stock market.
Elon Musk looks on during a Cabinet Meeting at the White House on March 24.
Key Facts
Musk responded early Saturday to a video on X of Navarro defending how the Trump administration calculated its tariffs on various countries’ goods, suggesting the trade adviser’s “PhD in Econ from Harvard is a bad thing, not a good thing,” and responding to another user defending Navarro by saying the Trump official “ain’t built s—.”
The billionaire also responded “yup” to a post quoting economist Thomas Sowell, which said, “In every disaster throughout American history, there always seems to be a man from Harvard in the middle of it.”
Navarro was asked on Fox News on Sunday about Musk’s comments and whether there’s a “rift” between him and the billionaire, to which Navarro replied, “It’s fine, there’s no rift here.”
“Elon, when in his DOGE lane, is great,” Navarro said, but argued the billionaire “sells cars” and is “simply protecting his own interest” by opposing him and Trump’s tariffs, “as any business person would do.”
Musk’s comments about Navarro came as the billionaire had largely stayed out of the conversation on Trump’s tariffs, though he later said Saturday he wants the U.S. and Europe to move toward a system of zero tariffs, after Trump imposed a 20% tariff rate on goods from the European Union.
Crucial Quote
“We don’t mind him saying whatever he wants,” Navarro told Fox News about Musk criticizing him. “We understand what it’s all about and it’s fine. It’s fine”
How Have Trump’s Tariffs Impacted Elon Musk?
Musk has had billions slashed off his net worth in the wake of Trump’s tariff announcement, though Forbes still values the billionaire as the richest person in the world, with an estimated net worth of $362.5 billion as of Sunday. Tesla’s stock dropped 14% between Trump’s tariff announcement Wednesday evening and Friday afternoon, and the billionaire previously acknowledged in March that while his auto company has more U.S. manufacturing than other competitors, “The tariff impact on Tesla is still significant.” Shares of privately held Musk-led SpaceX also declined by 12% last week, according to Notice, a secondary market data provider, as the company sources products made in Taiwan, Vietnam and Thailand, all of which were hit hard by Trump’s tariffs.
Will Elon Musk Leave The Trump Administration?
Musk’s comments seemingly opposing Trump’s tariffs also come as the president has reportedly suggested Musk could soon leave his White House post, after Musk has exerted broad influence over the executive branch as a special government employee. Under that designation, Musk can only work at the White House for 130 days within a 365-day period, though CBS News notes it’s still unclear whether or not that includes weekends—which would be the difference between whether Musk has to depart by the end of May or the end of July. Trump told reporters Thursday that Musk is “going to want to get back to his business” and would leave the White House “in a few months,” at which point the president’s Cabinet “secretaries will take totally over.” Vice President JD Vance has said Musk will stay on as a “friend and an adviser” after leaving his formal role, and the Department of Government Efficiency Musk now leads will continue even after the billionaire departs.
Key Background
Trump rolled out sweeping tariffs on nearly all countries Wednesday, implementing a longtime campaign promise despite widespread warnings from economists that doing so would raise prices on U.S. consumers and harm the economy. Stocks have plummeted in the wake of Trump’s announcement and economic experts have warned the tariffs could spark a recession. The auto industry has been among the hardest hit, with 25% tariffs on imported cars and trucks taking effect last week. Though he’s avoided the spotlight on tariffs, Musk and DOGE have helmed widespread cuts to federal spending and the federal workforce that have drawn significant controversy. Polls show Americans hold largely negative views of Musk, and Tesla’s stock had been dropping even before Trump’s tariffs amid national protests against the company and acts of vandalism against Tesla vehicles. Musk’s government work had otherwise been viewed as a boon to his businesses, which receive millions of dollars from government contracts and faced numerous government investigations before Trump took office.
