Trump's announcement of the 25% auto tariffs was earlier. I've summarised the main points, as Trump covered a lot of separate ground (lumber, drugs, April 2 etc) and it was all a bit jumbled.

  • a new 25% tariff on all cars and light trucks not manufactured in the United States
  • will be on top of any existing tariffs
  • the tariffs will remain in place throughout his 4-year term
  • Trump wants to encourage domestic auto production, have manufacturers build plants in the US
  • auto tariffs are set to take effect on April 2nd
  • tariff collections begin April 3rd
  • the administration is seeking approval for a tax deduction on interest payments for car loans—if the vehicle is made in America
  • parts made in America but assembled into foreign-made cars will not be subject to tariffs

US equity index trade has resumed on Globex, opening lower.

Tesla car lot

Musk will be happy.

Source: Forex Live