But Trump has indicated he is serious about working with the outspoken SpaceX and Tesla boss should he retake the White House in November.
“When Elon started the conversation with the president, I think the president was very excited that somebody like Elon Musk is so dedicated to America’s future that he would be willing to be a part of something to help the government work more efficiently,” Trump campaign advisor Brian Hughes told CNBC.
The former president made his announcement in New York before a high-profile, members-only group of business leaders.
Founded in 1907, the Economics Club of New York has hosted speeches from figures such as US Treasury Secretary Janet Yellen. Trump last addressed the group in 2019, where he received a warm reception.
The former president mostly focused on the economy.
He repeated calls to cut taxes and regulation, open up the Arctic National Wildlife Refuge to oil drilling and said he would raise tariffs to promote US manufacturing – at one point promising to restore auto industry employment to its peak decades ago.
He also proposed an especially low tax rate of 15% for companies that make products in the US, in contrast to the 20% general rate he proposed for companies. His opponent Kamala Harris has suggested a 28% rate.
Trump brushed off concerns that tax cuts might worsen the US budget deficit, saying the US would “make our money back on growth” and proposed creating a national investment fund with money collected from tariffs.
The audience was largely quiet, though many attendees clapped when Trump discussed Mr Musk’s endorsement.
During a question-and-answer session, Trump was asked if he would roll back sanctions to Russia, which he did not specifically address.
He did say, however, that he believes the Biden administration has used the tool too widely in general.
Trump said he prefers to use sanctions for short periods and “as little as possible”, so that countries are not encouraged to seek out international alternatives to the US financial system and the dollar.
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