Trump Musk Tariff Rejection: US President Donald Trump has rejected Tesla CEO Elon Musk’s proposal to withdraw the tariff policy. According to the Washington Post report, Musk had appealed to Trump to change the tariff policy, but Trump has refused to withdraw it.
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Trump Musk Tariff Rejection
Elon Musk is demanding a zero-tariff zone from Trump. Musk had said in a conference in Italy that America and Europe should adopt a zero-tariff policy. He had called Trump’s tariff policy impractical. Musk’s net worth was reduced by ₹94 thousand crores. After the announcement of the reciprocal tariff, Elon Musk’s net worth was reduced by about 94 thousand crores (11 billion dollars). It has reduced by 9.4 lakh crores since the beginning of 2025. Musk’s net worth has fallen below the level of 300 billion dollars for the first time since November 2024.
Trump will not stop tit-for-tat tariffs on any country or reciprocal (tit-for-tat) tariffs on any country. The White House has rejected all reports that claimed Trump is considering stopping reciprocal tariffs on all countries except China for 90 days.
Trump Musk Tariff Rejection: European Commission President
On the other hand, European Commission President Ursula von der Leyen said on Monday that the European Union (EU) is ready for a deal with the US. The EU has offered the US to remove tariffs on industrial products.
Speaking in Brussels, Ursula said that these tariffs impose heavy costs, first of all on American consumers and businesses, but they also impact the global economy.
US market fell 10% after the tariff announcement After Trump’s reciprocal tariff announcement, the Dow Jones fell by about 9% in the last two trading days of last week. The Dow Jones has fallen by about 10% in three consecutive trading days. The market cap of the US markets has fallen by $5.11 trillion in four consecutive trading days.
#Trump rejects #Musk’s appeal to reverse tariffs#shafaq_newshttps://t.co/1XeUheMEiP pic.twitter.com/habTJ4O2oY
— SHAFAQ NEWS ENGLISH (@SHAFAQNEWSENG) April 8, 2025
Globally Share Performance
After the rise in Asian and European markets, the US stock market is also rising today i.e. on Tuesday, April 8. The Dow Jones index has risen by about 1300 points or 3.40%. The US market has risen today after falling 10% in three consecutive trading days.
At the same time, the S&P 500 index has reached the level of 5,232 with a gain of 170 points or 3.35%. The Nasdaq Composite has gained 590 points or 3.80%. It is trading at the level of 16,190. Stocks like Nvidia, JP Morgan and Boeing have gained up to 8%.
Today, Asian and European markets also rose. On April 8, Japan’s Nikkei rose 6.03%, Korea’s Kospi rose 0.26%, and China’s Shanghai index rose 1.58%. Hong Kong’s Hang Seng rose 1.51%. The Sensex rose 1135 points or 1.55% to close at 74,273. Nifty rose 374 points or 1.69% to close at 22,535.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗