Elon Musk’s Tesla could have an advantage on key rivals in the auto sector after President Trump imposed harsh 25% tariffs on all foreign-made cars and auto parts like engines and transmissions.

President Donald Trump's new 25% tariffs on imported passenger vehicles, which analysts at JP Morgan have called "draconian," sent shares of Ford, GM, and Stellantis plummeting Thursday morning. While there are still unknowns about how the rules will be enforced,

The billionaire said the president's new car tariffs will impact the cost of parts that are vital to the construction of Tesla vehicles.