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.

As Wall Street grapples with the increasing likelihood of a U.S. recession, the Trump administration has gone to bat defending President Donald Trump’s stock market-slamming trade policies.

U.S. Treasury Secretary Scott Bessent has declared “there are no guarantees” that Americans won’t face a recession during President Donald Trump’s second term. “Mr. Secretary, can you guarantee the American people here and now that there will be no recession on President Trump’s watch?