Elon Musk: I hope there will be a 'free trade zone' between Europe and the USA.

The billionaire advisor to the U.S. president was speaking via video link at a conference of Matteo Salvini's League party in Italy.

Elon Musk, the billionaire advisor to U.S. President Donald Trump, stated on Saturday that he hopes to eventually establish "a much closer, stronger partnership" between the U.S. and Europe and to reach a "zero-tariff zone." Musk was speaking via video link at the party congress of the Italian far-right League, which is part of a ruling coalition led by Premier Giorgia Meloni. In his statement to League party leader Matteo Salvini through video conference, Musk said, "I hope that both Europe and the U.S. will agree, in my view, ideally, to move to a zero-tariff situation and create an effective free trade area between Europe and North America." Musk also mentioned that the agreement should include the free movement of people between the two regions, which he advised to President Trump. "I hope this happens. Also, there should be more freedom for people to move between Europe and North America if they want to work in Europe or America. They should be allowed to do so, in my opinion. This is definitely my advice to the president." Musk, who owns Tesla, SpaceX, and the social media platform X, played a key role in the downsizing of the U.S. government as the head of the newly formed Department of Government Efficiency (DOGE). Musk's comments came amid a trade war that starkly contrasts with the comprehensive tariffs announced by Trump last week, which include a minimum 10% tariff on imports to the U.S. and a 20% tariff on imports from the EU. Musk's remarks came particularly after China retaliated with a 34% tariff on the U.S., causing markets to fall to levels not seen since the COVID-19 pandemic. The tariffs imposed by China will take effect on Saturday, April 10. Trump quickly criticized Beijing's retaliatory move. "China played the wrong hand; they panicked - the one thing they shouldn't do," he wrote, adding, "My policies will never change. It's a great time to be rich." Last week, oil prices recorded their worst performance in months, and the U.S. dollar fell after Trump announced tariffs he called "Day of Liberation" for the U.S. On Sunday, European Commission President Ursula von der Leyen reiterated the EU's commitment to negotiate with the U.S., stating that it would defend its interests with proportional countermeasures if necessary. Von der Leyen's statement came after a phone call with British Prime Minister Keir Starmer. She expressed deep concerns about the tariffs announced by Trump on April 2 and the damage they cause to all countries, including the world's poorest nations, both directly and indirectly. Since their announcement, the tariffs by the Trump administration have fueled concerns about global trade and the economy. Countries have adopted different approaches while trying to find the best way to deal with potential disruptions in trade and supply chains. The policy measures that Trump promised would stimulate the American economy by bringing in more investment and creating jobs have been condemned by leaders of affected countries. Economists and analysts also warned that tariffs could lead to disruptions in supply chains, resulting in a contraction in global trade and potentially dragging many countries, including the U.S., into economic recession.