President Donald Trump’s recent endorsement of Tesla and its CEO Elon Musk has sparked political debate, with critics accusing him of prioritizing Tesla’s stock over broader economic issues. On Tuesday, Trump publicly announced plans to buy a Tesla and showcased several models outside the White House, a move that quickly drew attention.
While he defended Musk, saying the billionaire was being “treated unfairly,” some, including Sen. Chris Coons (D-Del.), argue that the president is merely trying to stabilize Tesla’s plunging stock value.
Coons, in a CNN interview, criticized Trump’s approach, stating, “It looked like the White House turned into a car exhibition just to keep Tesla’s stock from crashing further.”
He pointed out that while Tesla struggles, the overall stock market has also suffered massive losses, with trillions wiped out in recent weeks. Many Americans with retirement savings have been hit hard, raising questions about Trump’s priorities in handling the financial downturn.
Tariffs and Recession Fears Grow as Trump Defends Musk
Trump’s economic policies, particularly his aggressive tariffs on global trade partners, have contributed to market instability. Last week, the president imposed a 25% tariff on Canada and Mexico but later announced temporary exemptions under a trade deal he had negotiated in his first term.
Additionally, China was hit with a fresh 10% tariff on imports, further straining U.S.-China relations. Trump has also hinted at imposing reciprocal tariffs on all nations that currently tax U.S. goods, set to take effect in April.
Senator Coons warned that Trump’s inconsistent trade strategies could push the country into a recession. “One day he’s slapping tariffs on allies, the next day he’s reconsidering—this unpredictability is hurting businesses and investors,” Coons argued. With markets already unstable, economic analysts fear that continued tariff wars could deepen financial losses for everyday Americans.
Musk’s Struggles: A Billionaire Under Pressure
Meanwhile, Elon Musk has admitted facing immense challenges in managing his business empire, including Tesla and SpaceX. Tesla’s stock has fallen nearly 50% since late last year, with company showrooms becoming targets for protests. Reports suggest that Musk, who also plays a significant role in the administration’s cost-cutting initiatives, is under extreme pressure to turn things around.
Despite these struggles, Trump continues to praise Musk, calling him a “great patriot” who has done an “incredible job” with Tesla. While the president’s support for the electric car giant is clear, critics argue that his attention should be on stabilizing the broader economy rather than focusing on a single company’s stock price.
