Saturday, July 21, 2018
Business

Elon Musk: China’s trade policy ‘like competing in an Olympic race wearing lead shoes’

President Donald Trump has spent the last week railing against trade policies that allegedly put the U.S. companies at a disadvantage.

Though economists, fact-checkers and even members of Trump’s own party have called the president’s international trade analysis into question, inventor and Tesla chief executive Elon Musk appears to agree (in part) with Trump.

Musk, 46, was a member of Trump’s advisory council before stepping down following the president’s decision in June to pull the United States out of the Paris climate agreement.

Amid a series of tweets Thursday, Musk - apparently frustrated by the Asian nation’s import duties - compared China’s trade policy to "competing in an Olympic race wearing lead shoes."

Musk made his argument after responding to a Trump tweet demanding that China reduce its trade deficit with the United States.

Read More: Trump says Florida lawmakers were ‘listening to me’ on arming school personnel

"Do you think the US & China should have equal & fair rules for cars?," Musk tweeted. "Meaning, same import duties, ownership constraints & other factors."

Musk continued to lay out his frustration with the current trade relationship, pointing out a significant disparity in the import duties each country places on the other nation’s cars.

He tweeted, "For example, an American car going to China pays 25% import duty, but a Chinese car coming to the US only pays 2.5%, a tenfold difference" and "I am against import duties in general, but the current rules make things very difficult. It’s like competing in an Olympic race wearing lead shoes."

Musk also noted that, U.S. auto companies in China are barred from owning "even 50% of their own factory," while there are five "100 percent China-owned EV auto companies in the U.S."

Musk finished his tweets by pointing out that he’d raised his concerns with the Obama administration, but "nothing happened".

"Hope this does not seem unreasonable," he tweeted in conclusion.

Trump did not immediately respond to Musk’s flurry of tweets.

Talk of tariffs on aluminum and steel has captivated conversation in the nation’s capital ever since Trump tweeted that "trade wars are good, and easy to win" earlier this month. The president said he would introduce tariffs of 25 percent on imported steel and 10 percent on aluminum, figures that sent minor shock-waves through the stock market.

Though automakers like General Motors say the vast majority of the steel they use is domestic in origin, experts warn that tariffs will increase the price of steel and auto parts, as well as the price of cars.

On Thursday, Trump said he intended to impose tariffs on imported steel and aluminum, but may exempt imports from Canada. The ultimate decision, he said, will hinge upon negotiations with the North American Free Trade Agreement.

Comments
At beach resorts, this bizarre sunscreen booth can mean business

At beach resorts, this bizarre sunscreen booth can mean business

Nothing will ruin your beach vacation faster than a sunburn.Get scorched, and suddenly everything that was meant to be fun isn’t: Massages at the spa hurt, day-drinking by the pool hurts, getting on jet skis hurts. Listening to your skincare-obsessed...
Updated: 5 hours ago
He was fired after an encounter with a ‘racist’ customer. After sharing his story, Home Depot changed its mind.

He was fired after an encounter with a ‘racist’ customer. After sharing his story, Home Depot changed its mind.

After a man last Thursday approached the checkout at a Home Depot in Albany, New York, staff member Maurice Rucker asked him to leash his dog. That’s when the man exploded.Rucker, a 60-year-old black man, claimed he was fired Tuesday after defending ...
Published: 07/21/18
Open office plans are as bad as you thought

Open office plans are as bad as you thought

A cubicle-free workplace without private offices is supposed to force employees to collaborate. To have them talk more face-to-face. To get them off instant messenger and spontaneously brainstroming about new ideas.But a recent study by two researche...
Published: 07/21/18
Rays 2020 brings ‘road show’ to Sun City Center Chamber

Rays 2020 brings ‘road show’ to Sun City Center Chamber

SUN CITY CENTER — Business leaders and volunteers determined to help the Rays baseball team find a new stadium home in Ybor City are willing to go to every corner of Tampa Bay to raise awareness and support.Including Sun City Center.Tampa Bay Rays 20...
Updated: 4 hours ago
Officials speak out against demolition plans for historic Jordan Park section

Officials speak out against demolition plans for historic Jordan Park section

ST. PETERSBURG — Pinellas County School board chair Rene Flowers was fired up Friday. She talked about growing up in Jordan Park, the city’s first public housing project and a sentimental and historic marker of St. Petersburg’s African-American commu...
Published: 07/20/18
Florida is still paying SunPass contractor, even after officials said they would stop

Florida is still paying SunPass contractor, even after officials said they would stop

Florida has not stopped paying the SunPass contractor responsible for the tolling system’s outage, even after transportation officials said the state would suspend all payments.In a letter on Monday, FDOT secretary Mike Dew said the state would not p...
Published: 07/20/18
Florida among the top 3 states with the most income inequality

Florida among the top 3 states with the most income inequality

Florida is one of three states in the nation with the biggest income gap between the very rich and everyone else.In 2015, a family in the top 1 percent nationally had an average income of more than $1.3 million — or 26.3 times as much as the $50,107 ...
Published: 07/20/18
Tampa International Airport ranked in top 10 for defense against cyber threats

Tampa International Airport ranked in top 10 for defense against cyber threats

TAMPA — Tampa International Airport was ranked this week as the 10th safest U.S. airport to go online without being hacked, but the ranking is not only about the place, but also about how savvy its travelers are.The data security firm Coronet ranked ...
Published: 07/20/18
When suicide threats come calling: ‘I try to make a connection.’

When suicide threats come calling: ‘I try to make a connection.’

TAMPA — At first glance, it’s a typical office with more than a dozen cubicles under florescent lights. The operators wear headsets and stare into computer screens, some tinkering with handheld toys, others browsing Facebook or chatting with colleagu...
Published: 07/20/18

State record of $321 million in unclaimed property back to residents and businesses

More than $321 million was returned to Florida residents and businesses from the state’s unclaimed property in the past fiscal year.Chief Financial Officer (CFO) Jimmy Patronis took office in July 2017 and said this year’s total broke last year’s rec...
Published: 07/20/18