The Republican and Democratic leaders of the U.S. House of Representatives' select committee on China warned on Tuesday that Beijing may try to exert leverage with Elon Musk in a bid to win favorable U.

US President Donald Trump threatened to double existing tariffs on China to 20% from next week, piling further pressure on the country’s beleaguered economy. Chinese stocks tanked after Beijing vowed to respond with “all necessary measures” against Trump’s plan.

After a slower than expected start, the trade war between the US and China has begun to heat up, with President Donald Trump announcing a dizzying series of actions against China in the past seven days — and more to come over the next month.