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2025-05-04

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Trump launched a "tariff combination punch" putting pressure on American companies, while Musk hopes to reach a zero-tariff agreement with Europe.

Trump launched a
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President Trump has introduced several tariff policies that have left American companies in dire straits and sparked turmoil in global markets. Notable figures from the technology and financial sectors traveled to Mar-a-Lago in Florida to discuss tariff issues with Trump. Elon Musk called for the establishment of a zero-tariff system and a free trade area between the United States and Europe. Trump's policy of imposing a 10% tariff on over 100 trading partners took effect on the 5th, and American allies are not exempt. According to the Bloomberg Billionaires Index, the total wealth loss of the world's 500 billionaires on the 3rd reached a staggering $208 billion, with significant losses reported for Musk, Bezos, and Zuckerberg. During discussions in Italy with Deputy Prime Minister Salvini, Musk reiterated his desire to strengthen cooperation between the U.S. and Europe.

U.S. President Trump has launched multiple "tariff combinations," causing domestic businesses in the United States to feel overwhelmed. Recently, sources disclosed that several prominent figures from the technology and finance sectors visited Trump’s Mar-a-Lago estate in Florida, attempting to discuss tariff issues with him. Trump's billionaire friend Elon Musk stated on the 5th that he hopes the U.S. and Europe can build a "zero-tariff" system and free trade zone.

Trump's first wave of policies will impose a minimum baseline tariff of 10% on over 100 trade partners, officially taking effect on the 5th, with even the U.S.'s ally, the European Union, not being exempt. Since Trump announced measures regarding reciprocal tariffs on the 3rd, relevant indexes have shown that the wealth of the top 500 billionaires worldwide decreased by a total of $208 billion on that day, marking the fourth-largest single-day drop in the 13-year history of that index. Tesla CEO Musk saw his net worth evaporate by $30.9 billion in just two days, while Amazon founder Bezos lost $23.49 billion, and Meta CEO Zuckerberg lost $27.34 billion.

Moreover, reports indicate that sources revealed to a technology journalist that the millions of dollars donated by these companies during the presidential inauguration might now turn into losses amounting to billions or even trillions of dollars, with Musk becoming one of their primary targets. In a video call on the 5th, Musk conversed with Italian Deputy Prime Minister Matteo Salvini, expressing his desire for the U.S. and Europe to establish closer partnerships, believing that both sides should move towards zero tariffs to create a free trade zone. He also pointed out that this requires greater mobility for those wishing to work in both regions, stating that this is his suggestion to President Trump, which starkly contrasts with Trump’s reciprocal tariff measures.

  • Implementation of a 10% tariff policy on over 100 trade partners.
  • The wealth of the global top 500 billionaires shrank by $208 billion in a single day.
  • Musk calls for the establishment of a zero-tariff trade zone between the U.S. and Europe.
  • Trump's policies have triggered widespread reactions and concerns among businesses.