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Elon Musk urges US–EU free trade zone

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Elon Musk urges US–EU free trade zone

Could it be that Elon Musk, head of the US Department of Government Efficiency (DOGE), does not fully support the tariff policies of his boss, President Donald Trump? Hard to believe! However, the facts speak for themselves. Musk has publicly called for a US–EU free trade zone, directly contradicting Trump’s stance.

The American billionaire has proposed the creation of a free trade zone between the United States and the European Union, even though President Trump has firmly rejected such an initiative. "I hope it is agreed that both Europe and the United States should move, ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America," Musk stated, speaking at a conference of Matteo Salvini's League party in Italy.

In Musk’s view, the freedom of movement and employment within the eurozone should be extended to the United States as well. As head of DOGE, he claimed to have offered this very advice to President Trump.

Previously, Tesla and SpaceX's CEO openly criticized advocates for prolonging the Russia–Ukraine conflict. “I have no respect for the warmongers, and the war profiteers and those who want the war to continue forever. This is an evil thing,” Musk declared.

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UBS highlights uncertainty surrounding Trump’s economic strategy

UBS highlights uncertainty surrounding Trump’s economic strategy

UBS currency strategists have embarked on the complex task of explaining the current historic and economic developments, in particular, the effect of so-called Trumponomics.At present, uncertainty is mounting around the future direction of US economic policy and President Donald Trump’s tariff agenda. This uncertainty is deeply troubling investors, who are struggling to keep their footing.

13:43 2025-04-24 UTC+00

Trump slams Powell, calling him 'major loser'

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Tensions between the Federal Reserve and the White House are boiling over. President Donald Trump has openly criticized Fed Chairman Jerome Powell, calling him a "major loser" and demanding an immediate interest rate cut, no questions asked.Trump has warned that the US economy will slow unless the Fed acts quickly to ease policy.

07:10 2025-04-24 UTC+00

US retail sector partly shielded from tariff impact, analysts say

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The US retail sector is in a curious position. At first glance, it appears among the hardest hit by President Donald Trump's aggressive tariff measures. However, analysts at Telsey Group caution against a pessimistic outlook. Thanks to years of supplier diversification, many retailers are partly shielded from the brunt of new tariffs.

13:24 2025-04-23 UTC+00

Beijing signals readiness to respond to countries supporting US tariffs

Beijing signals readiness to respond to countries supporting US tariffs

Global markets are on alert as China signals its readiness to respond forcefully to any nation that aligns with the United States in the ongoing trade dispute. Beijing has warned that it will retaliate against countries supporting Washington in the tariff conflict, raising the stakes for those challenging China’s position.

12:56 2025-04-23 UTC+00

China slashes US oil imports

China slashes US oil imports

Beijing has targeted the US oil industry, a vital sector of the American economy, by sharply reducing its oil imports from the United States. What comes next?According to Bloomberg, Chinese refineries are now importing Canadian oil at record levels, while imports of US crude have plunged by 90% amid escalating trade tensions.

12:54 2025-04-23 UTC+00

Dollar-backed stablecoins pose threat to EUR

Dollar-backed stablecoins pose threat to EUR

Warning signs are flashing for the euro as dollar-based stablecoins become a serious threat to the European currency. This alarming assessment comes from Giancarlo Giorgetti, Italy’s Minister of Economy, who believes the growing popularity of dollar-linked digital assets could have catastrophic consequences for the eurozone.

14:08 2025-04-22 UTC+00