US President Donald Trump and Elon Musk's Twitter Tiff Over Tariff Duties
Musk went on the Twitter spree and noted that an American car going to China pays a 25 percent import duty.
Washington, March 13: United States President and business magnate Elon Musk apparently were roped in a Twitter tiff over tariffs last week. "China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States. Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with. We must act soon!," Trump tweeted on March 7. Joining the conversation the following day, Musk tweeted, "Do you think the US & China should have equal & fair rules for cars? Meaning, same import duties, ownership constraints & other factors."
Musk went on Twitter spree and noted that an American car going to China pays a 25 percent import duty. And that a Chinese car coming the other way pays just 2.5 percent. And that auto companies that want to operate in China must collaborate with a local company. "It's like competing in an Olympic race wearing lead shoes," he wrote.
China is the world's largest car market and the one on which almost every automaker is becoming dependent according to the American magazine wired. Musk's Tesla is all-American, building cars in California and batteries in Nevada but even they cannot discard the reliance on some components imported from overseas. Later on Thursday, Musk retook to Twitter saying, "China has already shown a willingness to open their markets and I believe they will do the right thing."