While Elon Musk has emerged as one of President Donald Trump's most loyal supporters—backing his policies and contributing over $300 million to his reelection campaign—the tech mogul's companies are now fearful of the unintended consequences of the administration's aggressive trade measures.

The head of President Donald Trump’s government efficiency effort, Elon Musk, is emerging as a messaging punching bag for Democrats as they pick up the pieces of their stinging defeat in last year’s elections and search for a winning message for 2026.

Tesla warned of the hit to its bottom line from tariffs, while SpaceX complained that foreign trade barriers affect its Starlink internet satellite service.