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Tesla (TSLA) stock is retreating 4% this morning. The decline comes after Chrystia Freeland, a former Canadian finance minister who's running for prime minister, directly called on her country over the weekend to "threaten" to impose 100% tariffs on Elon Musk's EV maker.
More About Freeland's Comments
Canada should say that it will take action against TSLA in order to hurt Musk, Freeland said, explaining that the world's richest person is in a group that she called President Donald Trump's "billionaire buddies.”
“Canada must threaten to impose a 100 per cent tariff on all Tesla vehicles," the former finance minister stated.
Other countries besides Canada that are hit with tariffs by Trump could retaliate with high duties against TSLA in the future.
U.S. Automakers Will Be Hurt by Trump's Tariffs
All U.S.-based automakers, including Tesla, are expected to take a sizeable financial hit from the tariffs that Trump has imposed on Canada and Mexico. That's because these companies obtain many parts for their vehicles from Canada and Mexico.
The Price Action of TSLA Stock
Heading into today, TSLA had dropped 1.6% in the last month, while the shares had jumped 67% in the last three months, and they had soared 123% in the last year.
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READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.