Wall Street Breakfast Musk reportedly asked Trump to reverse tariffs
6 snips
Apr 8, 2025 Elon Musk's conversations with Trump about tariffs stir up intrigue in the market. Stocks remain volatile as expectations for quick tariff resolutions dwindle. Investors are nervous following trade adviser Peter Navarro’s comments on Tesla. Meanwhile, Apple Stores experience a surge of iPhone ‘panic selling.’ The performance of small-cap stocks is also examined, revealing potential outperformers amidst rising treasury yields. It's a whirlwind of economic insights and trading dynamics!
AI Snips
Chapters
Transcript
Episode notes
Musk vs. Tariffs and Navarro
- Elon Musk appealed to President Trump to reverse new tariffs, according to The Washington Post.
- Musk publicly criticized trade advisor Peter Navarro on X, calling him a "moron" for comments about Tesla.
Tariff Impact and Wall Street
- Trump's tariff strategy effectively acts as a permanent tax on American consumers.
- Wall Street's reaction depends on how advisors interpret the White House's trade goals.
Market Volatility and Trade Talks
- Stocks initially rallied after Treasury Secretary Scott Bessent mentioned trade talks with 70 countries.
- However, gains were halved when U.S. Trade Representative Robert Lighthizer downplayed quick resolutions.