U.S. President Donald Trump has attempted to support Elon Musk’s struggling company by purchasing a red Tesla Model X. The purchase took place at a grand ceremony on the White House South Lawn, where other Tesla models, including the Cybertruck, were also on display.
Calling Musk a “patriot,” Trump stated that he was buying the car to show his support and emphasized that he was paying full price to avoid any perception of favoritism.
This move comes as Tesla shares have dropped by 15%, with analysts attributing the decline to weak delivery targets, U.S. economic policies, and trade tariffs.
Trump blamed the dip on “radical left liberals” boycotting Tesla, while experts point to production and sales challenges as the primary cause.
His newly imposed tariffs on steel and aluminum have also created market uncertainty, affecting not just Tesla but also Amazon, Meta, and Alphabet stocks.
Trump expressed concern over attacks on Tesla cars and showrooms, warning that further incidents could be classified as “domestic terrorism.”
Following his 25% tariff on steel and aluminum, global markets have taken a hit. The S&P 500 index dropped by 2.7%, and European markets, including FTSE 100, CAC 40, and DAX, also saw sharp declines.
Canada, the European Union, and Australia have threatened retaliatory measures, and a 25% tariff on Canadian imports has already been enforced. While Trump has temporarily paused additional tariffs on Canada, trade tensions remain high.
