Donald Trump signalled he may offer carmakers some relief from tariffs, in the latest sign the US president will offer carve-outs to selected industries.
Trump said he was “looking at something to help car companies” that were making vehicles in North America. “They’re switching to parts that were made in Canada, Mexico and other places, and they need a little bit of time, because they’re going to make them here,” Trump said from the Oval Office on Monday. His remarks came after the administration at the weekend exempted smartphones, laptops and other consumer electronic goods from steep “reciprocal” tariffs, although US officials later said those items could be caught in a later round of levies. Trump unveiled steep tariffs of 25 per cent on imports of cars and parts last month, in a move that threatens to push up costs for American consumers and upend global auto supply chains. Under the trading regime, cars and parts made in Canada and Mexico face lower levies and only attract the 25 per cent tariff on their non-US content if they otherwise comply with the rules of the 2020 USMCA trade agreement. Trump’s comments on Monday suggest he may offer carmakers more time to move supply chains to North America. Source: FT
In trade negotiations. Bessent is highly qualified for the role, but is also tasked with finding quick solutions to complex issues while maintaining investor confidence in U.S. policies.
Bessent’s ascent is the direct outcome of the market turmoil that followed Liberation Day. When reporters asked him where the tariff negotiations were headed, his response was he did not know because he was not part of the negotiating team Source: Forbes
Chart for future history books...
Source: Michel A.Arouet, Bloomberg
Breaking news: China’s finance ministry said the increase from current additional levels of 84% would take effect from April 12.
Xi Jinping breaks silence, says Trump is bullying Europe and the entire world “There are no winners in tariff wars. Going against peace means isolating yourself,” Xi said during a meeting in Beijing with Spanish PM Pedro Sánchez — one of the hardest-hit in this trade war. The Chinese leader urged the EU to unite with Beijing against the U.S. president’s “unilateral intimidation.” Source: FT
🔴 BREAKING: PRESIDENT TRUMP JUST ASKED THE SUPREME COURT FOR THE AUTHORITY TO FIRE FEDERAL RESERVE CHAIR JEROME POWELL
Source: Bloomberg
Just a reminder that this story was leaked on Monday, and then denied by the White House.
Source: James Chanos @RealJimChanos
Uncertainty during uncertain time...
Source: Bloomberg
🔴 EU TO TRUMP: TWO CAN PLAY THE TARIFF GAME — BIG TECH MAY GET BURNED
👉 With Trump slapping 25% tariffs on EU cars and threatening more, Brussels is plotting a counter strike — and this time, it’s not just bourbon and blue jeans on the line. 👉 EU officials are eyeing U.S. services exports, including Big Tech and intellectual property, as leverage — think blocked patents, frozen software updates, and Starlink losing out on juicy contracts. 👉EU diplomat: “The Americans think that they are the ones with escalation dominance, but we also have the ability to do that,” Source: FT thru Mario Nawfal on X
