Peter Navarro, President Donald Trump's top trade adviser, on Monday dismissed tech-billionaire Elon Musk's push for "zero tariffs" between the United States and Europe, calling the Tesla CEO a "car assembler" reliant on parts from other countries.

Economic experts have continuously cautioned that Trump’s tariffs will likely lead to increased costs for American consumers and a prolonged period of economic uncertainty.

Speaking to a group of conservative Italian politicians, Elon Musk on Saturday called for a "free trade zone" between Europe and North America.

Billionaire supporters of President Donald Trump—including Elon Musk—spoke out Monday morning and issued warnings about the economy as global stock markets plunged further in response to the escalating trade war.

President Donald Trump remained defiant on Monday as global markets continued plunging and fears of a recession grew after his tariff announcement last week.

Goldman Sachs and other firms are warning of a recession. Bill Ackman floated a 90-day tariff timeout. Even the Federal Reserve chair weighed in.