US President Donald Trump and Elon Musk may not be on the same page when it comes to the recent tariffs. At least this is what businessman and Dallas Mavericks minority owner Mark Cuban thinks of the current landscape surrounding the two figures.
In his appearance at “The Stephen A. Smith Show,” Mark Cuban gave his honest opinion on the dynamic between US President Donald Trump and tech billionaire Elon Musk around the tariffs the president has recently implemented.
“I think that’s a problem i think he and Elon aren’t aligned in their thinking i think Elon’s first goal is to reduce the deficit and one path to reduce the deficit is by the economy declining and contracting the idea is that if the economy contracts then you have to reduce interest rates in order to you know get it fired back up again.”
“The problem is you can’t reduce interest rates and um while you’re increasing tariffs because tariffs particularly to the extent that they’ve been implemented are very inflationary so you create this Catch-22.”
Elon Musk has been vocal about his concerns regarding Donald Trump’s tariffs, highlighting the potential negative impact on businesses and the economy. Musk, whose companies like Tesla and SpaceX are deeply involved in global trade, has pointed out that these tariffs could increase costs for manufacturers and consumers alike.
How Much has Donald Trump’s Tariffs Affected Businesses?
Donald Trump’s tariffs caused a significant financial impact on some of the world’s wealthiest individuals.
The biggest loser was Meta CEO Mark Zuckerberg, who lost $17.9 billion due to a 9% drop in Meta’s stock. Amazon founder Jeff Bezos followed, losing $15.9 billion as Amazon shares fell sharply. Tesla CEO Elon Musk, despite his ties to Trump, saw $11 billion wiped from his wealth after Tesla’s stock dropped 5.5%.
These losses were driven by the stock market’s reaction to Trump’s “Liberation Day” tariffs, which imposed a baseline 10% tariff on imports from most countries, with higher rates for major trading partners like China and the EU. The tariffs disrupted investor confidence, leading to one of the worst trading sessions since the pandemic. Tech companies were hit hardest, with the S&P 500 and Nasdaq Composite experiencing significant declines.
The tariffs have negatively impacted Donald Trump as well, as it hit his net worth by $40 million to $4.6 billion. This loss is partially attributed to shareholders decreasing the price of Trump Media & Technology Group Corp., the parent company of Truth Social, by 3%.
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Dan has been active in sports since 2016 and has worked behind the scenes as a scriptwriter for basketball, volleyball, and other sports. At a time, Dan has also been working as a sports commentator for CBA Pilipinas. During the pandemic, he has also been actively writing betting articles for CashBet and BetNow.
