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Elon Musk expressed his desire for a zero-tariff free-trade zone between Europe and North America during a video-link address to Italy's right-wing League Party. He advocated for unrestricted trade and greater freedom of movement for workers between the regions, emphasizing the need for cooperation amid recent U.S. tariffs announced by President Trump. Musk's comments align with his support for right-wing parties in Europe, including Italy's League and Brothers of Italy.
Elon Musk expressed his desire for a "zero-tariff" system between the US and Europe, aiming to establish a free trade zone. He shared this vision with Italian Deputy Prime Minister Matteo Salvini, emphasizing the need for both regions to move towards this economic integration.
Elon Musk criticized Peter Navarro, a top Trump trade adviser, for his education and lack of corporate experience, following significant losses in the stock market due to new tariffs announced by Trump. Musk dismissed Navarro's Harvard Ph.D. in economics, suggesting it inflated ego over practical knowledge, and emphasized that Navarro has not built anything substantial. Meanwhile, Trump continues to promote the tariffs as part of an "economic revolution," despite warnings from some officials about potential backlash.
Elon Musk criticized Peter Navarro after the trade advisor defended President Trump's tariffs during a significant stock market decline, which saw Tesla's stock drop 10%. Musk mocked Navarro's lack of practical achievements and questioned the value of his Harvard education, stating, "He ain’t built shit." Navarro, in a CNN interview, maintained that the market downturn is part of an economic restructuring and urged trust in Trump.
Bank of America has seen its stock price plummet by 17.59% over the past week, driven by global economic uncertainties and political tensions that have shifted investor sentiment. The financial sector is grappling with unpredictable economic policies, leading to a slowdown in mergers and acquisitions, particularly impacting investment banks.Despite these challenges, some analysts remain optimistic about Bank of America's long-term potential, citing its strong fundamentals and the possibility of recovery as the economic and political landscape stabilizes. Investors are encouraged to monitor developments in the financial sector for future growth opportunities.
JPMorgan Chase faces stock volatility due to new tariffs imposed by President Trump, prompting concerns about M&A advisory revenue amid recession fears. Analysts project a 26.01% upside for JPM stock, with an average price target of $264.98 and a current brokerage recommendation of "Outperform" at a rating of 2.3. The GF Value estimate suggests a slight downside of 1.48% from the current price of $210.28.
Elon Musk criticized Peter Navarro's qualifications, stating that a Harvard PhD in Economics is detrimental. Meanwhile, Navarro dismissed the market sell-off caused by Trump's tariffs, predicting the Dow will reach 50,000. In response to U.S. tariffs, China announced retaliatory tariffs of 34% on American goods, prompting calls for de-escalation from Beijing.
Elon Musk's leadership at the Department of Government Efficiency has led to significant job losses among federal workers and a review of contracts with major consulting firms. Deloitte is among the hardest hit, planning layoffs and facing a $51 million contract cancellation with the Department of Health and Human Services. Overall, the government is set to terminate contracts worth $65 billion with firms like Accenture and Booz Allen Hamilton, impacting their revenues substantially.
Elon Musk's promise of Tesla's robotaxi service by June faces skepticism as the company's Full Self-Driving (FSD) technology remains only partially automated and requires constant driver supervision. Amid political backlash and declining stock prices, experts doubt FSD's readiness for unsupervised use, citing safety concerns from past incidents. Protests and boycotts have also impacted Tesla's customer base, leading to record trade-ins of existing vehicles.
Goldman Sachs has reduced its crude oil price forecasts, cutting Brent to $69 a barrel and WTI to $66, citing increased OPEC+ supply and trade war risks. Oil prices fell sharply, with Brent down 10.9% for the week, as tariffs imposed by the U.S. and China escalate economic concerns. The bank warns of further downward risks, particularly for 2026, amid a potential global recession.
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