Donald Trump Buys a Tesla: A Statement on Business, Tariffs, and the U.S. Economy

The former President of the United States, Donald Trump, conducted a high-profile meeting alongside Tesla CEO Elon Musk to focus on American industrial production, trade policies, and economic matters at the State House. When Trump disclosed his Tesla purchase at the meeting, he launched a discussion covering economic revival, job creation, and energy independence.

China Responds to US Tariffs but Still Wants Negotiation.

Tariffs are taxes on imported foreign commodities. The companies that import the foreign goods into the country pay the tax to the government. Tariffs typically account for part of the price of a commodity. A 20% tariff on Chinese imports would mean charging an additional $2 on a $10 (£7.76) item. Firms can merely transfer some or all of the cost of tariffs to customers.

The US has tended to put lower tariffs on imports than other countries, so his reciprocal offer would lead to a sharp and dramatic increase in the tax levels and the prices consumers pay at checkout.