The European Union said it will impose retaliatory tariffs worth $28 billion on U.S. industrial and agricultural goods, following the Trump Administration's decision to raise tariffs on steel and aluminum imports to 25 percent. The EU tariffs will take effect on April 1 and be fully implemented by mid-month.

Tesla says it is important to ensure that the Trump administration's efforts to address trade issues "do not inadvertently harm U.S. companies."