Elon Musk tweets at Trump to push China on vehicle tariffs

Inside the Tesla Truck

Mr Musk, who owns about 20 percent of Tesla, and his brother Kimbal Musk, a company director, will not vote on the plan at the company's special meeting. "Meaning, same import duties, ownership constraints & other factors", Musk said on Twitter in response to a Trump tweet about trade with China.

Tesla announced the electric big rigs last November, and companies such as Walmart and DHL are reportedly interested.

Musk has faced roadblocks while trying to build a Tesla factory in Shanghai.

In a series of tweets, Musk pointed out that American cars exported to China are charged a 25 import duty, whereas a Chinese vehicle coming to America only pays a 2.5 percent duty.

On Wednesday, White House Press Secretary Sarah Sanders said Mexico and Canada could be exempt from the tariffs as part of negotiations for the North American Free Trade Agreement (NAFTA), and Trump has hinted at other exemptions as well.

Trump told Reuters in an interview in January that "we have helped to build China because they have taken out so much money in terms of trade deficits with this country".

Inside the Tesla Truck

"Also, no US auto company is allowed to own even 50% of their own factory in China, but there are five 100% China-owned EV [electric vehicle] auto companies in the US", Musk wrote. "We're going to be doing a reciprocal tax program at some point - so that if China is going to charge us 25% or if India is going to charge us 75%".

Musk says that Chinese cars coming into the United States are subject to just 2.5 percent import tax, while USA cars entering China are subject to a 25 percent tax, making them far less attractive to consumers.

Musk made it clear in a tweet Thursday that he takes issue with China's rule against foreign vehicle makers owning more than half of any manufacturing plant in the country. But, President Trump urged that the United States must "act soon" to increase tariffs.

The company last came out with numbers this time last month, and reported full-year revenues totaled $11.76 billion compared to $7.00 billion in FY16. The inaugural launch of Falcon Heavy, the most powerful rocket in operation, captured the public by landing two of the rocket's side boosters after liftoff.

Proxy advisory firm Institutional Shareholders Services said on Thursday Tesla Inc TSLA.O shareholders should vote against a proposal for a $2.6 billion performance-based stock option grant for Chief Executive Officer Elon Musk.

Trump gushed about the spectacle to reporters on Thursday. "They came back without wings or without anything, they landed so beautifully", Trump said.

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