Citing two sources, the Washington Post reported that Musk approached the president over the weekend when he unleashed a stream of messages on social media criticising White House trade adviser Peter Navarro for Trump’s aggressive tariff plan, which has caused havoc across global markets.

CNBC reported that Trump’s tariff announcement last week wiped out US$2.5 trillion from the US stock market, costing Tesla CEO Musk US$30.9 billion in net worth.

Musk, the world’s richest person, is a key Trump adviser and heads the department of government efficiency which is working to cut government funding and reshape the federal bureaucracy.

Navarro, meanwhile, has accused Musk of prioritising Tesla’s profits over national policy, noting that the company’s supply chain depends on countries such as China, Mexico, and Japan.

A 10% “baseline” tariff on imports from around the world took effect last Saturday. However, several countries will be hit by higher duties from tomorrow, with levies of 34% for Chinese goods and 20% for EU products.