Elon Musk: Without U.S. Tariffs, China Will ‘Demolish’ American Auto Industry

Started by Bossman, Jan 26, 2024, 11:33 AM

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Tesla CEO Elon Musk says if the United States does not slap hefty tariffs on China, the American auto industry will be decimated.

According to CNBC, Musk made the remarks on a Tesla earnings call this week, suggesting that absent U.S. tariffs on China, Chinese automakers like BYD and Nio Inc. "will pretty much demolish" American automakers.

"The Chinese car companies are the most competitive car companies in the world," Musk said on the call, CNBC reports:

"So, I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established," Musk said on Tesla's earnings call Wednesday. [Emphasis added]

"Frankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world." [Emphasis added]

At the same time, United Auto Workers (UAW) President Shawn Fain endorsed President Joe Biden this week, as he has blasted former President Donald Trump's plan that would see tariffs on China significantly rise and 10 percent tariffs on all foreign imports.

This Congress, the House Select Committee on the Chinese Communist Party (CCP) recommended Biden end U.S. free trade with China, which would include the White House revoking China's permanent normal trade relations status (PNTR).

Already, China has become the world's top exporter of cars — surpassing Japan. Similarly, Chinese automaker BYD has become the world's biggest seller of Electric Vehicles (EVs), beating Tesla for the top honor.

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Admin's Response ...

They need Trump to be reinstated else the US manufacturing base will be eroded to oblivion by the Biden administration.  It is already on life support.

Is this really China's fault?

Not really, the rot started way back, but really took root when they established the Federal Reserve in 1913.  Since then, controlled highs and lows in the economy have desecrated businesses whereby only the very few own them all nowadays.

The same people, those connected to them, were and are only too willing to exploit cheap labour whilst dumping US workers by the wayside.  They care little to nothing for people, not really.  It is all about the dosh for most of them.  For others, the reasons are far more insidious.