Musk takes aim at Navarro
Tesla CEO Elon Musk wears a ‘Trump Was Right About Everything!’ hat while attending a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025.
Carlos Barria | Reuters
Elon Musk took aim at Peter Navarro, as the top Trump trade advisor continues to defend the president’s sweeping tariffs.
“The market will find a bottom. It will be soon, and from there, we’re going to have a bullish boom, and the Dow is going to hit 50,000 during Trump’s term,” Navarro said on CNN Saturday.
“A PhD in Econ from Harvard is a bad thing, not a good thing,” Musk wrote in a post on X, responding to a post on the social media platform by a user touting Navarro’s qualifications.
Musk — whose DOGE team is engaged in a controversial effort to cut federal spending, including mass layoffs — also said that Navarro hasn’t built “s–t.”
The billionaire SpaceX founder, who has been an influential voice during the early days of the Trump White House, may be leaving the administration in the coming months, NBC News reported this week.
— Erin Doherty
Jaguar Land Rover to pause shipments to the U.S. in April as it develops post-tariff plans
A Range Rover sports utility vehicle (SUV) moves along the production line at Tata Motors Ltd.’s Jaguar Land Rover vehicle manufacturing plant in Solihull, UK, on Friday, Jan. 20, 2023.
Chris Ratcliffe | Bloomberg | Getty Images
The British maker of Jaguar and Land Rover cars is pausing shipments to the U.S. as it works to mitigate the impact of a 25% tax on vehicle imports imposed by the Trump Administration.
Jaguar Land Rover Automotive, one of Britain’s biggest carmakers, said Saturday that the pause would take place this month.
“The USA is an important market for JLR’s luxury brands,” the company said in a statement. “As we work to address the new trading terms with out business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid-to-longer term plans.”
The U.K. automotive industry is expected to be hit hard by the new tariffs, which come at a time when British carmakers are struggling with declining demand at home and the need to retool their plants for the transition to electric vehicles.
“The industry is already facing multiple headwinds and this announcement comes at the worst possible time,” Mike Hawes, chief executive of the U.K.’s Society of Motor Manufacturers and Traders, said last week. “SMMT is in constant contact with government and will be looking for trade discussions to accelerate as we need to secure a way forward that supports jobs and economic growth on both sides of the Atlantic.”
The number of cars made in the U.K. dropped 13.9% to 779,584 vehicles last year, according to the SMMT. More than 77% of those vehicles were destined for the export market.
— Reuters
Trade advisor Peter Navarro downplays market turmoil triggered by tariffs
Trade advisor to U.S. President Donald Trump Peter Navarro arrives for a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC.
Andrew Harnik | Getty Images
Top trade aide Peter Navarro downplayed the sharp market sell-off triggered by Trump’s aggressive tariff rollout, vowing stocks will rebound and flourish soon.
“The market will find a bottom. It will be soon, and from there, we’re going to have a bullish boom, and the Dow is going to hit 50,000 during Trump’s term,” he claimed on CNN Saturday. “The S&P 500 is going to have a very broad based recovery, and wages are going to go up, profits are going to go up, and life is going to be beautiful here in America.”
The Dow Jones Industrial Average dropped 2,231.07 points on Friday, the biggest decline since June 2020 during the Covid-19 pandemic. This follows a 1,679-point decline on Thursday and marks the first time ever that it has shed more than 1,500 points on back-to-back days. The S&P 500 shed 10% in two days, now off more than 17% off its recent high.
— Yun Li
Trump claims China has been ‘hit much harder’ in tariff war
U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025.
Leah Millis | Reuters
President Donald Trump on Saturday claimed that China has been “hit much harder than the USA, not even close,” in the escalating trade war.
“They, and many other nations, have treated us unsustainably badly,” Trump said in a post on Truth Social. “We have been the dumb and helpless ‘whipping post,’ but not any longer.”
He touted his sweeping new tariffs, saying, “We are bringing back jobs and businesses like never before.”
“Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but…