The German Minister of the Economy criticized Elon Musk’s call at zero prices between the United States and Europe, calling it a sign of “weakness” in response to growing economic disorders.
“I think it’s a sign of weakness – maybe fear,” Robert Habeck told journalists on Monday. “If he has something to say, he should go see his president and say:” Before talking about zero prices, let’s stop the disorder you just made last week. “”
Musk’s comments occurred on Saturday when he proposed a “zero-tail” system between the United States and Europe. It was only days after President Donald Trump announced “reciprocal” basic rates on dozens of business partners, including a tariff rate of 20% on the European Union.
“It’s ridiculous,” added Habeck. “The only interpretation I have is that he now sees that his own businesses, but even the savings, will collapse because of the mess they have made. So he is afraid.”
The markets have reacted strongly to Trump’s pricing announcement, the S&P 500 plunging 10% over two days and the Nasdaq 100 entering for the first time on a lower market since 2022.
The sale deepened on Monday as investors did not see that Trump will decrease and foreign nations were preparing to retaliate.
Last week, the president of the European Commission, Ursula von der Leyen, said that the EU “finalized” a set of countermeasures against steel prices and prepares other countermeasures “to protect our interests and our businesses”.
While the United Kingdom and Australia have pointed out that they would not retaliate, China and Canada are committed to responding.
Analysts began to reduce forecasts for the end of the year market, warning increased recession risks as business tensions increase.