Electric carmaker Tesla has warned Trump's tariffs could harm the business - despite its boss Elon Musk being a key part of the president's administration.
An unsigned letter from Tesla to US trade representative Jamieson Greer said Trump's trade policies may make it harder to obtain car parts at affordable prices.
The Telegraph reports the company also cautioned that its vehicles could be impacted by retaliatory tariffs imposed by other countries in response to Trump's own tariffs.
Sent this week, the letter says US exporters were “exposed to disproportionate impacts when other countries respond to US trade actions”.
It added that “past trade actions by the United States have resulted in immediate reactions by the targeted countries, including increased tariffs on EVs imported into those countries”.
Meanwhile, Trump has threatened to impose a 200% tariff on all alcohol imported from EU countries, the BBC reports.
It's the latest development in an escalating trade war in response to the EU plotting a 50% tax on imports of US whisky.
And that tax was itself a retaliation to Trump's tariff on steel and aluminum imports to the US.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 28-points at 8,570 shortly after opening this morning.
Brent crude oil futures were up 0.44%, trading at $70.43 a barrel.
Companies reporting today
Allianz | Full Year Results |
Berkeley Group* | Q3 Trading Statement |
Bodycote | Full Year Results |