Trump has threatened to place a 25 percent tariff on imports from Canada and Mexico, as well as a 10 percent additional tariff on all imports from China. Energy resources from Canada will have a lower 10 percent tariff.

Musk, who last year said “things that inhibit freedom of exchange or distort the market are not good,” became $12 billion poorer Monday.

Tesla may soon face a significant hurdle in Canada. Chrystia Freeland, a candidate for the leadership of Canada’s Liberal Party, has proposed a 100% tariff on U.S.-made Teslas in response to former President Donald Trump’s latest trade policies, The Canadian Press reported.