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US President Donald Trump has insisted that he doesn’t really need to have tech billionaire, Elon Musk in his administration.
Trump stated this during a Cabinet meeting at the White House on Thursday.
The Republican also said that he recently purchased a Tesla vehicle as a “show of support” for Musk.
Trump said: “Elon has done a fantastic job. I don’t need Elon [Musk] for anything other than I happen to like him.
“I don’t need his car. I actually bought one, and they said, ‘Oh, did you get a bargain?’ No. I said, ‘Give me the top price.’ I paid a lot of money for that car.”
Musk was at the meeting and he was seen smiling and nodding his head to Trump’s comments.
The 53-year-old has been leading cost-cutting efforts at the White House DOGE office in the current US government.
In other news, the White House has announced that the cumulative duties imposed by the Donald Trump administration on Chinese goods now total 145 per cent.
According to CNBC, this new rate takes effect immediately.
The total comprises 125 per cent in duties imposed in response to China’s allegedly unfair trade practices, combined with a 20 per cent tariff introduced during the early weeks of Trump’s second term as a response to China’s alleged failure to stem the flow of fentanyl.
The 125 per cent rate represents an increase from an initial rate of 84 per cent.
Trump has also raised the tariff on lower-value items worth $800 or less to 120 per cent, up from 90 per cent.
Furthermore, the U.S. president will increase the “per postal item” cost of such goods to $100 starting from 2 May, and to $200 from 1 June.
Transportation carriers delivering shipments from China to the United States must choose between the ad valorem duty or the fixed-dollar-figure duty, and will be bound by the chosen methodology for the duration of any given month.
In other news, China is not backing down on its retaliatory tariffs despite President Donald Trump’s decision to increase the United States tariff rate on Chinese goods.
Beijing responded with 34% tariffs on U.S. imports after Trump’s last week announcement of varying retaliatory tariffs which affects about 60 countries.
The White House has announced that the rate on China will rise to 104% from 12:01 a.m. ET on Wednesday because China chose to retain its new trade levies.
President Trump approved an additional 50% tariff on Chinese imports after the earlier imposed tariffs of 20% and 34% took effect.
