Sen. Chris Coons (D-Del.) slammed President Trump’s show of support for Elon Musk’s Tesla on Tuesday, arguing the president only cares about boosting the stock price of his close ally’s company.
Trump announced Tuesday that he plans to buy a Tesla, testing out several models parked outside the White House. The president contended Musk is being “treated unfairly,” as Tesla’s stock price plummets amid his work in the administration.
“What I saw yesterday was that President Trump really only cares about Tesla’s stock price,” Coons told CNN on Wednesday. “He turned the White House into a car show trying to help put a floor under the plummeting stock value of Elon Musk’s Telsa.”
“In the meantime, the stock market’s lost trillions of dollars in value in the last two weeks,” he continued. “Anybody who’s got a 401(k) shouldn’t check it because you’re just going to be more depressed.”
The stock market has tumbled in recent weeks, as Trump has levied significant tariffs against America’s closest trading partners.
The president imposed 25 percent tariffs against both Canada and Mexico last week, before announcing temporary exemptions for goods covered by a North American trade agreement he negotiated in his first term.
Trump implemented an additional 10 percent tariff against China, building on the 10 percent import tax he levied on products from Beijing last month. He is also set to impose reciprocal tariffs on all countries with duties on U.S. products starting April 2.
“I think we are heading toward a recession because of Trump’s on again, off again, ‘Let’s hit all of our allies, let’s tariff everything that comes into the United States approach,’” Coons said. “And he is driving a wedge between the United States and our closest allies and trading partners.”
Trump’s show of support for Tesla comes as Musk acknowledged Monday that he is having “great difficulty” running his numerous companies. The electric vehicle company’s stock price has dropped nearly 50 percent since late last year, and its showrooms have been targeted by protesters.
The Tesla and SpaceX CEO has played a key role in the new administration, leading the Department of Government Efficiency’s (DOGE) vast cost-cutting efforts.
“I just want people to know that you can’t be penalized for being a patriot, and he’s a great patriot, and he’s also done an incredible job with Tesla,” Trump told reporters Tuesday.
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