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

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.

Tesla, the electric car company owned by Elon Musk, has warned that U.S. exports—including its own—could be severely impacted if new tariffs are implemented. Musk, who was recently appointed head of the DOGE to oversee federal workforce reductions,