Trump tariffs will cause recession in the second half of this year, Elon Musk's statement created a stir

Washington (The Uttam Hindu): Tesla and SpaceX CEO Elon Musk said on Friday that Donald Trump's new trade tariffs could trigger a recession by the second half of this year. The statement came at a time when the public feud between the world's richest man and the US president has deepened. "Trump tariffs will cause a recession in the second half of this year. If the US economy falters, nothing else matters," Musk posted on his X platform.

The confrontation between Trump and Musk has caused a stir in the financial markets. Tesla's stock fell more than 14 percent on Thursday (US time), wiping out its market value by about $150 billion. Trump also said that the 'easiest way' for the government to save money would be to 'terminate' the contracts and subsidies given to billionaire and former advisor Musk.

In response, Musk said, "In light of the President's statement about cancelling my government contracts, SpaceX will begin shutting down its 'Dragon spacecraft' immediately." Trump's threat came after Musk accused the US President of 'ungratefulness'. Musk said that without him, Trump would have lost the election, he had donated more than $250 million to help Trump win the election last year.

Musk posted, "Some things to note: Trump has 3 and a half years left as president, but I will be around for over 40." When Musk criticized the president's signature bill of tax cuts and spending plans, Trump said he was very disappointed in Musk. In response, Musk wrote on his social media platform, "Whatever."