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Breaking: Elon Musk promotes FLOKI and DOGE then loses from those who bought 😅🔥
In a move that wasn't exactly surprising for fans of sarcastic humor and digital drama, Elon Musk, the CEO of Tesla and owner of platform X (formerly Twitter), has once again made headlines with a strange – and impactful – post in the world of cryptocurrencies.
In a new post he published on his account on platform X, Musk said that

Recent updates indicate that President Donald Trump, if re-elected, has moved forward with significant tariff implementations and proposals for his second term, beginning in early 2025. These actions are having a notable impact on global trade and economies.
Here's a summary of the key developments:
Implemented and Effective Tariffs (as of May 2025):
* Universal Baseline Tariff: A 10% tariff on all imports from most countries took effect on April 5, 2025, utilizing the International Emergency Economic Powers Act (IEEPA) authority.
* Reciprocal Higher Tariffs: Starting April 9, 2025, individualized higher tariffs have been imposed on countries with which the United States has the largest trade deficits.
* China Tariffs: A 10% tariff on all imports from China took effect on February 4, 2025, and increased by another 10% on March 4, 2025. While there were initial plans for even higher tariffs (e.g., 125%), some have been suspended or reduced through negotiations.
* Canada and Mexico Tariffs: 25% tariffs on imports from Canada and Mexico, related to border security and fentanyl, took effect on March 4, 2025, after a 30-day suspension.
* Steel and Aluminum Tariffs: A 25% import tax on all steel and aluminum entering the US, including products made from these metals, took effect on March 12, 2025.
* Auto Tariffs: Foreign-made cars faced a 25% levy since April 2, 2025, extended to imported engines and other car parts on May 3, 2025.
* Effective Tariff Rate: The average effective US tariff rate rose from 2.5% to an estimated 27% between January and April 2025, and as of May 2025, stands at 17.8%.
Proposed and Threatened Tariffs:
* European Union (EU): Trump has recently threatened a 50% tariff on all imports from the EU, starting June 1, 2025, citing a lack of progress in trade discussions. This follows earlier proposals for a 20% tariff that was temporarily halved to 10%.
* Apple Products: Trump has threatened a 25% tariff on Apple products, specifically iPhones, unless they are manufactured in the United States.
* Foreign Films: A proposal for a 100% tariff on all foreign-produced films imported into the U.S. was announced on May 4, 2025.
Economic Impact and Reactions:
* Economic Burden: The tariffs are estimated to reduce market income by 1.2% in 2026, and amount to an average tax increase of $1,155 per US household in 2025 and $1,397 in 2026.
* Revenue Generation: These tariffs are projected to increase federal tax revenues by $152.7 billion in 2025, making them a significant tax hike.
* GDP and Imports: The tariffs are expected to cause imports to fall by about $542 billion in 2025, or 16%, and could reduce US GDP by 0.8% before foreign retaliation.
* International Response: Many countries, including the EU, are preparing retaliatory measures and have expressed concerns about the negative impact of these tariffs on global trade and economic stability. Negotiations are ongoing, with some countries like the UK securing deals to lower tariffs on certain goods.
* Domestic Criticism: Economists and organizations like the Tax Foundation have warned that these policies will lead to higher prices, larger deficits, and greater inequality.
The overarching theme of these tariff policies is to strengthen the US economic position, reduce trade deficits, and incentivize re-shoring production to the United States, often under the declaration of a national emergency related to foreign trade practices.
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