US President Donald Trump and Tesla CEO Elon Musk | Image:
X
Elon Musk took direct aim at Peter Navarro, a key trade adviser to President Donald Trump, as the fallout from a new round of sweeping tariffs roiled financial markets — and cost Musk billions.
The Tesla CEO lashed out at Navarro early Saturday morning on X, his own social media platform, after back-to-back trading days wiped nearly $18 billion off his Tesla holdings. The market slump followed Trump’s announcement of a dramatic tariff expansion, heavily backed by Navarro.
Musk mocks Navarro’s credentials
Navarro, a Harvard-trained economist and longtime advocate of aggressive trade measures, has been one of the loudest defenders of the Trump administration’s latest tariff push. On Friday, a user on X praised Navarro for his academic pedigree and trade expertise, writing that his Harvard economics Ph.D. made him a skilled voice on the topic.
But Musk wasn’t having it.
“A PhD in Econ from Harvard is a bad thing, not a good thing,” Musk wrote in response. He added that such a background “results in having more ego than brains.”
When another user jumped in to argue that Navarro was correct on trade policy, Musk responded bluntly:
“He ain’t built s–t.”
The White House has not yet responded to Musk’s comments.
The cost of tariffs
The outburst reflects growing tensions between Trump’s economic team and some of America’s biggest business leaders, who are bracing for the real-world consequences of sharply higher import taxes.
Trump’s latest round of tariffs, which the White House says could generate as much as $600 billion in annual revenue, are being framed as part of an “economic revolution.” Navarro has appeared frequently on TV defending the move, arguing that it will bring long-term gains for the U.S. economy.
Trump, for his part, insists that American companies will ultimately benefit, pointing to expected tax cuts that he claims will offset the pain from tariffs.
Still, the markets have reacted swiftly — and negatively. Tech giants, automakers, and manufacturers saw sharp declines, with Tesla among the hardest hit.
Musk’s shifting role in Trumpworld
Though Musk has played an influential role in parts of the Trump administration’s economic agenda — even claiming credit for efforts that “cut $1 trillion from the deficit” — his comments over the weekend suggest growing discontent.
President Trump acknowledged on Thursday that Musk may be stepping back from his role in the months ahead.
For now, the world’s richest man appears to be distancing himself from a policy shift that’s rapidly reshaping global trade — and cutting into corporate profits. His sharp rebuke of Navarro hints at deeper unease within the business world about the direction of the administration’s economic plans.
