ibusinesslines.com March 18, 2018

Elon Musk showed new development — Metro future

12 March 2018, 04:19 | Justin Tyler

Trump attacks PRC auto duties

Elon Musk tweets Trump on US–China trade rules: It's like racing with “lead shoes”

Tesla CEO Elon Musk is siding with Donald Trump saying that China isn't playing fair when it comes to the auto trade with the United States.

"I am against import duties in general, but the current rules make things very hard", Musk tweeted. "It's like competing in an Olympic race wearing lead shoes".

And the British remade the Tesla in the fastest station wagon in the world.

Musk never names these China-owned EV auto companies in the US, but he's likely referring to startups like Faraday Future, Lucid Motors, SF Motors, and NIO.

Tesla "raised this with the prior administration and nothing happened. Nothing more. Hope this does not seem unreasonable", he added.

Trump quoted one of Musk's tweets in his announcement on new tariffs and said American automakers have not been treated fairly by trade rules around the world.

During the steel and aluminum tariff news conference, Trump used Musk's example of China's car-import levies to reiterate plans for what he has called a "reciprocal tax". "They've known it for years, they never did anything about it". "We just want fairness".

Tesla Tesla's vehicle production factory in Fremont, California. However, Tesla and Chinese authorities have yet to announce an agreement. The company declined to comment. On top of a 25% tax on imported vehicles, China doesn't allow foreign auto companies full ownership of their Chinese production plants.

Late Thursday, Musk struck a more hopeful tone.

Tesla shares were down half a per cent at $327.25 after markets closed on Thursday.

China requires overseas automakers to form joint ventures with local manufacturers in which the foreign companies are capped at 50 percent ownership.

Trump told Reuters in an interview in January that "we have helped to build China because they have taken out so much money in terms of trade deficits with this country".

These policies have frustrated Tesla CEO Elon Musk, who wants to capitalize on the country's growing demand for electric vehicles.

In announcing his order to charge tariffs on steel and aluminum on Thursday, Trump read off tweets Musk sent hours earlier noting that China charges a 25 percent import duty on cars, 10 times the 2.5 percent levy the United States puts on China-built vehicles. "Meaning, same import duties, ownership constraints & other factors". The plans are so far unspecified, though Trump said "we're going to be doing a lot of that".

In a series of tweets, Musk addressed Trump in response to the president's own Twitter message.

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