Last week, the Trump administration announced that it reached a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decline from the 46% tax on Vietnamese imports he proposed in April.

World shares are mostly higher, with financial markets shrugging off U.S. tariff pressures on its trading partners

Wall Street ended mixed a day after a broad sell-off in response to the Trump administration setting new tariffs on more than a dozen nations.

Mr. Musk’s involvement in politics and his financial support for the president’s campaign were once seen by investors as a benefit to Tesla, fueling a steep rise in company shares after the election last year. That association has now turned into a liability. Tesla shares are down 40 percent from their peak in December.

One analyst called on Tesla's board of directors to act and set "ground rules" for Musk's political involvements.