Posted on 04/05/2025 10:43:07 AM PDT by Miami Rebel
Elon Musk took multiple shots at Peter Navarro in reaction to a clip of the trade advisor defending President Donald Trump’s tariffs amid steep declines in the stock market.
Musk has remained fairly silent on Trump’s tariff announcement as stocks, including Musk’s, have taken major hits. Tesla stock fell 10% by Friday, erasing billions in Musk’s wealth. Markets closed on Friday with the week marking the worst trading week in five years.
Navarro, a senior counselor to the president, has been among the White House officials passionately defending the tariff strategy, insisting a manufacturing boom in the United States is on the way.
In multiple X posts, Musk replied to a CNN clip of Navarro defending the tariff strategy by calling out Navarro for not building “shit” and mocking his education.
In the clip, Navarro spoke with CNN’s Phil Mattingly and argued that past trade deals transferred too much “wealth” abroad.
Navarro argued:
Here’s the analytical issue we’re trying to do under the principle that the president wants to charge those countries what they charge us. As you pointed out, Vietnam has an applied tariff rate that’s much larger than ours, but doesn’t come near the tariff we charge them, so the question is how do you value the following, Phil. So let me count the ways. You’ve got to value currency manipulation, you’ve got to value the VAT tax distortions, dumping, export subsidies, technical barriers of trade, agricultural barriers to trade, quotas, bans, counterfeiting, intellectual property theft, and all of that. So here’s the punchline. If you look at the trade deficit… should the U.S. have chronic and sustained deficits? They should not.
Musk was apparently left unimpressed with the fellow Trump advisor.
“A PhD in Econ from Harvard is a bad thing, not a good thing. Results in the ego/brains>>1 problem,” Musk wrote in a reply to the clip of Navarro.
In response to someone arguing that Navarro is “correct” in his analysis, Musk simply wrote, “He ain’t built shit.”
In a Saturday interview with CNN’s Michael Smerconish, Navarro again argued that the drop in the markets is part of a “restructuring” of the economy.
“Trust in Trump,” Navarro said, insisting “everything’s going to be fine,” especially if the media “calms down” over plummeting stocks.
Sure...it might if the US consumer doesn’t curtail their spending! yet the foreign lands but tariffs on American goods so a pox on them as well!
Yep. He sure is a TDS freak.
“It is expected that the latest tariff schedule will bring $400B/yr.”
By whom?
And if the objective is to bring jobs home, how does American buyers paying the Treasury taxes (which is what tariffs are) accomplish this goal?
If you want to encourage investment in American factories and jobs, do it though incentives, The CHIP act was a way to bring semiconductor production home. If it was defective, build a better CHIP Act. And create tax incentives for auto companies and other manufacturers to build new plants here.
The revenue of tariffs is just another benefit of them. They do a lot of good things. I will repost this to you. This is the 5th time so try to read it this time, ok?
Tariffs can be a powerful economic tool, and their benefits often depend on the perspective of the country implementing them. Here are some potential advantages:
Protects Domestic Industries – Tariffs make imported goods more expensive, encouraging consumers to buy from local producers. This can help domestic businesses thrive by reducing competition from foreign companies.
Encourages Local Job Growth – By supporting domestic industries, tariffs can also help create and maintain jobs in the country that imposes them.
Generates Government Revenue – When tariffs are applied to imported goods, governments collect revenue, which can be used for public services like infrastructure, education, and healthcare.
Balances Trade Deficits – Countries sometimes use tariffs to reduce reliance on foreign goods, improving their trade balance by decreasing imports.
Strengthens National Security-– In certain industries, like defense and technology, tariffs can reduce dependency on foreign products and protect sensitive sectors from outside influence.
“And so was Ronald Reagan (except for the TDS part.) And so apparently is Elon Musk.”
Whatever Reagan said, he in fact imposed tariffs.
Navarro is a smartie
Women and Billionaires hardest hit.
Don’t discount the pressure Musk may be feeling from the MDS that’s too intertwined with TDS. It’s possible that Musk might like a little breathing room by putting out a once in a blue moon disagreement with one of Trump’s policies.
President Reagan cautioned in 1987:
“You see, at first, when someone says, ‘Let’s impose tariffs on foreign imports,’ it looks like they’re doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works —but only for a short time.”
Reagan added: ”What eventually occurs is: First, homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then, while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars.
“The result is more and more tariffs, higher and higher trade barriers, and less and less competition. So, soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying.”
Reagan concluded: “Then the worst happens: Markets shrink and collapse; businesses and industries shut down; and millions of people lose their jobs.”
Reagan wasn’t monolithic them. ally against all tariffs, but in aggregate he loosened them. He was in favor of the GATT/WTO policy of minimal economic barriers to global trade. Free trade with Canada came about as a result of the Canada–U.S. Free Trade Agreement of 1987.
I’m so with Peter over Elon on this!
That sounds like classic textbook pablum. The United States built its industrial base with tariffs. Tariffs make it cost effective to buy homemade products, which is the purpose. And Reagan imposed tariffs.
Reagan said that probably forty or more years ago. Times change. The United States was not being beaten to a pulp with trade deficits.
I once heard an old economist explain that when you buy things made overseas, you ship the money and the jobs overseas.
What do you mean when you question then need to "innovate?" Do you favor the status quo and doing nothing about anything?
Depending on the source, even the US-assembled vehicles with highest American content have only 70% American content.
The Tesla Y, Rav4 ICE, and Camry ICE top the list by some accounts.
And we always look to junk sites like Mediaite for analysis....
Elon has worn out his welcome. Te for him to go.
I agree with Navaro. And Musk has done good work, but it’s for him to go, and the work to go into the shadows.
Tesla stock fell 10% by Friday, erasing billions in Musk’s wealth. Markets closed on Friday.
Amazing how so many believe the markets are in 1929 mode and will never recover.
They will return better then ever after all the tariff panic settles (soon) the big players are tapping the marker in slow mode while prices are low.
Never tell a fool to get out of a poker game.
As an elderly American who relies on liquidation of assets in my IRA to fund my lifestyle, the market drops are somewhat disturbing and will affect my spending. However, market run ups in the last few years have been based on false economic data, inflationary spending, and an increasing federal workforce. In view of this, is a market adjustment not in order? I believe tariffs will help but not to a great degree if you are looking to the market. The real benefit is to come as we resume manufacturing critical products currently being outsourced to other nations. Reliance on others produces weakness in times of need. This is what I think the administration is seeking to resolve. In summary, I expect there will be short term pain for long term gain.
“I noted in article today that many Ford vehicles made in United States Ford manufacturing plants contain hundreds of parts that are imported and will now be subject to tariffs of 255 or more. And, there is no short term solution in those facts of Ford’s supply chain, which is not different than General Motors, Stellantis or the Asian branded car factories in the United States. For the next several years price hikes on all motor vechicles made in the United States are unavoidable.”
I pretty much agree so far. Now if the countries that make parts for Ford reduce their tariffs, the US tariff on those parts will go down and the cost of making a Ford will not increase so much.
Also, the companies making those parts will consider US-based production. Ford will consider US suppliers for those parts.
Perhaps the simplest and most direct and least disruptive solution would stem from a lowering of tariffs by other countries and then the US.
I agree that our national debt is mostly government overspending. However, the money we take in from increased tariffs, which will be considerable, will "help" lower the national debt if it's directed to paying down the national debt. Tariffs alone will not eliminate the national debt but they can be used to help lower it.
My remedy for reducing the national debt: 1 - Pass a balanced budge amendment. 2 - Drastically reduce government spending. 3 - Tariff nations that tariff us at the same rate. 4 - Tax multi-millionaires at a 90% tax rate until the national debt is reduced to a particular 'small' percentage of an index like the GDP. If my suggested 90% rate seems excessive, I suggest you research pre-1970 income tax rates and particularly the years following WWII, when we had a huge war debt to deal with.
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