Tesla reported dismal earnings and warned that politics and Trump's tariff policies would take a toll on the company. Musk said he would advocate for lower tariffs.

Tesla boss Elon Musk said he will cut back his role in the Trump administration as the company's latest profits and revenues showed a plunge during the beginning of the year. Sales have slumped, and the brand has faced backlash as Musk became a political fixture in the new White House administration.