UPDATE: Elon Musk to Trump on tariffs: an 'Olympic race wearing lead shoes'
By Claudia Assis, MarketWatch
Tesla Inc. Chief Executive Elon Musk took to Twitter Thursday to call on President Donald Trump to promote what he called "a fair outcome" on import duties just hours ahead of the administration's final say on potential steel and aluminum tariffs.
The Tesla (TSLA) top executive also signaled some discontent with import duties on American-made cars in China and Chinese-made cars coming to the U.S., and professed himself as being against import duties in general. He was tweeting directly to the president, an unusual step.
Trump later on Thursday signed proclamations on steel and aluminum imports, as expected.
In a speech, he cited some of Musk's tweeted comments as part of his rationale for a possible "mirror," or reciprocal, tax program, where the U.S. would charge the same import duties on products as it would be charged by the other country.
Read more:Here are the details on Trump's tariffs on steel and aluminum (http://www.marketwatch.com/story/here-are-the-details-on-trumps-tariffs-on-steel-and-aluminum-2018-03-08)
Trump ordered tariffs of 10% on imported aluminum and 25% on imported steel. Canada and Mexico are excluded for now, and the tariffs could be modified for other countries such as Australia. The tariffs go into effect March 23.
The talk of tariffs had sparked concerns about "trade wars" that roiled financial markets in recent sessions, although such fears moderated on Thursday and U.S. equity markets opened higher. The S&P 500 index kept modest gains while the Dow Jones Industrial Average turned lower.
J.P. Morgan Chase & Co. (JPM) Chief Executive Jamie Dimon had been another prominent critic of Trump's tariff plan. (http://www.marketwatch.com/story/jamie-dimon-says-trumps-tariff-plan-is-the-wrong-way-to-tackle-trade-problems-2018-03-08)
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
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03-08-18 1625ETCopyright (c) 2018 Dow Jones & Company, Inc.