President Trump, who returned to the White House last week, is weighing tariffs on China, Mexico and Canada in an effort to protect U.S. business interests.
Tariffs were a popular tool in the first Trump administration, and were used on goods including solar panels, steel and aluminum. It remained a major talking point on the campaign trail. The president has touted a 60% tariff on China, and over the weekend threatened Colombia with a 25% tariff on goods coming into the U.S.
Musk was Trump's biggest backer, pouring $277 million into his campaign and in support of other Republican candidates. Musk is now running the Department of Government Efficiency (DOGE), and many analysts have speculated that his tight relationship with the president could benefit his companies.