标签： North America

SAN FRANCISCO – Billionaire entrepreneur Elon Musk testified before a California jury on Wednesday, asserting that financial markets overanalyze his social media communications. The testimony forms part of Musk’s defense against allegations that he deliberately manipulated markets through misleading tweets preceding his 2022 acquisition of Twitter.

Musk characterized his posts following the initial acquisition agreement as “extremely literal” statements rather than tactical maneuvers to renegotiate the purchase price. “I was simply speaking my mind,” Musk stated when questioned about his awareness of the market impact caused by his declaration that the takeover was “on hold.”

The litigation represents the first courtroom battle stemming from Musk’s $44 billion Twitter acquisition. While Musk has previously defeated legal challenges regarding his social media communications involving Tesla investors and defamation claims, this class action lawsuit initiated by individual investors seeks unspecified monetary damages for alleged financial losses.

Lead plaintiff Brian Belgrave testified Monday that he sold thousands of Twitter shares in July 2022 based on his interpretation that Musk was abandoning the acquisition. Belgrave liquidated his position below both his original purchase price and the eventual $54.20 per share that Musk paid after Twitter successfully sued to enforce the merger agreement. “I got screwed. I got cheated,” Belgrave told the court.

Plaintiffs’ attorney Aaron Arnzen presented a theory that Musk employed strategic negotiation tactics comparable to boxing’s “rope-a-dope” technique – intentionally allowing Twitter to exhaust itself to gain bargaining leverage. When questioned about this approach, Musk conceded he “may have” utilized such strategies.

Throughout Wednesday’s proceedings, Musk initially provided terse responses limited to “yes,” “no,” or “I don’t recall” before later accusing Arnzen of “trying to mislead the jury” through his questioning methodology. Presiding Judge Charles Breyer briefly paused testimony to address the witness before allowing proceedings to continue.

The trial, expected to span three weeks, also featured testimony from Jared Birchall, head of Musk’s family office, who repeatedly responded to questions about Twitter acquisition discussions with “I don’t recall” – including questions about whether Jack Dorsey served as Twitter’s CEO prior to Musk’s takeover bid. Dorsey had led the company for seven years before stepping down just months before Musk’s acquisition attempt.

The United States is poised to implement a 15% global tariff this week, according to Treasury Secretary Scott Bessent, following a period of conflicting statements from the Trump administration regarding the precise rate. This new tariff structure is designed to replace the sweeping “Liberation Day” import taxes imposed last year, which were recently invalidated by the Supreme Court.

The policy confusion originated when the White House, responding to the court’s ruling, initially enacted a 10% levy. This move directly contradicted President Donald Trump’s social media announcement of a 15% rate, creating significant uncertainty among global business leaders and international trading partners. White House officials have since been working to align official documentation with the President’s stated 15% target, while simultaneously downplaying the legal impact of the Supreme Court’s decision.

To implement the temporary tariff, the administration employed Section 122, an unconventional trade authority that permits the president to declare tariffs of up to 15% without congressional approval for 150 days under specific conditions. The administration has indicated it will pursue more permanent tariff measures using established legal instruments such as Section 301 and Section 232, which target unfair trade practices and national security threats respectively.

Secretary Bessent expressed confidence that the tariff rates would return to their previous levels within five months. The original “Liberation Day” tariffs, announced in April last year, featured rates starting at 10% and escalating to 50% for certain countries, triggering extensive trade negotiations as nations sought preferential rates through investment commitments and policy concessions.

The transition to a uniform 10% tariff with some product exemptions eliminated the competitive advantages previously secured by countries like the United Kingdom through bilateral agreements. Business communities have indicated a preference for the structured procedures associated with Section 301 and 232 implementations, which include investigation periods and opportunities for comment, providing more predictability than the administration’s abrupt policy announcements.

The ongoing tariff uncertainty continues to raise fundamental questions about the future of U.S. trade policy and its impact on global economic relationships.

The critical Southern California port complex, America’s primary gateway for trans-Pacific commerce, faces renewed supply chain instability following a landmark Supreme Court decision on tariff authority. The 6-3 ruling determined that the previous administration overstepped its legal powers by imposing extensive tariffs under emergency provisions not intended for such trade measures.

Port executives at both Los Angeles and Long Beach—which collectively process nearly one-third of US containerized imports—report immediate operational uncertainties despite potential long-term benefits from the judicial intervention. The decision affects approximately two-thirds of tariffs collected under the International Emergency Economic Powers Act, totaling roughly $130 billion in duties already paid by importers.

Chief Executive Noel Hacegaba of the Port of Long Beach acknowledged the paradoxical situation: ‘I hope the ruling brings greater certainty to the supply chain. For now, the only certainty is more uncertainty.’ His port handled 9.9 million twenty-foot equivalent units (TEUs) last year and anticipates moving at least 9 million containers in 2026, though these projections now require recalibration.

Gene Seroka, Executive Director of the Port of Los Angeles, highlighted the supply chain’s hypersensitivity to policy changes: ‘Each time there’s a policy statement or adjustment out of Washington, we see immediate stops and starts across the supply chain.’ The nation’s largest container port recorded 10.2 million TEUs last year but began 2026 with a 13 percent year-over-year import decline in January.

The ruling creates two immediate challenges: unclear refund procedures for previously paid duties and the administration’s announcement of a new 10 percent global tariff without implementation details. Importers of Chinese-connected goods—from electronics components to furniture, toys, and apparel—must now make rapid decisions about shipment timing to potentially avoid tariffs before new measures take effect.

This development compounds existing trade weaknesses, particularly in exports. The Port of Los Angeles moved only 104,000 export TEUs in January—an 8 percent annual decrease representing its lowest export volume in nearly three years. US containerized exports to China plummeted 26 percent last year, with soybean shipments declining 80 percent at Los Angeles and 90 percent nationwide as Chinese buyers shifted to South American suppliers.

Despite these challenges, Seroka emphasized China’s enduring importance: ‘China still represents approximately 40 percent of our business, more than two and a half times our next largest trading partner. There is no faster way to get cargo from China to the US than through LA.’ The port executive reaffirmed commitment to longstanding trade partnerships that have defined West Coast maritime operations for decades.