Elon Musk calls this one of the 'biggest sources of fraud in the world'

WASHINGTON - Department of Government Efficiency advisor Elon Musk discussed what he calls a major source of fraud during an interview with Fox Business’ Larry Kudlow on Monday.

Musk says major fraud source in government-funded NGOs

What they're saying:

"This, by the way, is, I think, one of the biggest sources of fraud in the world, is government-funded nongovernmental organizations," Musk said.

"This is a gigantic fraud loophole where the government can give money to an NGO, and then there are no controls over that NGO," he continued.

"So, they have given billions of dollars. In fact, we estimate tens of billions of dollars to NGOs that are essentially scams," Musk added.

The billionaire entrepreneur suggested that $500 billion to $700 billion in waste needed to be cut, according to the Associated Press.

According to the AP, Musk’s estimate of fraud in entitlements significantly exceeds figures provided by watchdogs such as Social Security’s inspector general, who previously reported $71.8 billion in improper payments from fiscal years 2015 through 2022.

READ MORE: Trump doubles planned Canada tariffs to 50%, markets slump amid recession fears

Trump doubles tariffs on Canadian steel and aluminum

President Donald Trump announced Tuesday that he will double tariffs on steel and aluminum imports from Canada, increasing them from 25% to 50%. This move escalates the ongoing trade war with the United States' northern neighbor and demonstrates indifference to recent stock market turmoil and rising recession risks.

Trump announced on social media that the planned increase in tariffs on steel and aluminum imports from Canada, set to take effect on Wednesday, is a response to the price hikes imposed by the provincial government of Ontario on electricity sold to the United States.