Auto Stocks Rally After Trump Says He’s Considering Giving Help to Automakers

Contact Your Elected Officials
The Epoch Times Header

The president recently implemented 25 percent tariffs on automobiles manufactured outside the United States.

Shares of automakers surged by more than 3 percent after President Donald Trump hinted he could offer “help” to car companies.

Speaking to reporters from the White House on April 14, the president said he may assist automakers in making the tariff-driven transition from Canada, Mexico, and other foreign markets.

“I’m looking at something to help some of the car companies where they’re switching to parts that were made in Canada, Mexico, and other places,” Trump said alongside Salvadoran President Nayib Bukele.

U.S. automakers may require additional time to adjust when they start producing more vehicles and car parts in the United States, he added.

Shares of General Motors and Ford rallied more than 3 percent on the news. Chrysler parent Stellantis climbed by nearly 3 percent. Tesla Motors slumped by 2 percent.

The president recently implemented 25 percent tariffs on automobiles manufactured outside the United States. Import duties on foreign car parts will go into effect next month.

Analysis published by the Center for Automotive Research found that the 25 percent auto tariffs will increase U.S. automakers’ costs by about $108 billion. The Detroit Three—Ford, General Motors, and Stellantis—could incur an extra nearly $5,000 for imported parts and more than $8,000 for every vehicle they import.

Before tariffs went into effect this month, industry data showed heightened demand and steady prices. According to the March Kelley Blue Book Report, prices were little changed month over month and year over year, but sales surged by nearly 30 percent from February.

Meanwhile, when asked if he would extend help to Apple products and other technology items, Trump said he is a “very flexible person.”

“I don’t change my mind, but I’m flexible, and you have to be,” the president said. “You just can’t have a wall, and sometimes you have to go around it, under it, or above it.”

Trump noted that some ideas could arise when he speaks with Apple CEO Tim Cook.

Apple shares remained up 2 percent during the trading session.

By Andrew Moran

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Sweeney Swoon

Sydney Sweeney donned American Eagle jeans and hawked them as part the "Sydney's got great jeans" campaign, and the Left acted like she'd committed an atrocity.

Lay Democrats to Waste, Post Truths in Copy and Paste!

Senator John Kennedy (R-LA) humorously stated, “Our secret plan for dealing with the Democrats is called, ‘Operation: Let them speak.’”

Congress doesn’t Care What the Average Person Thinks

In researching voting rights issues, a study provides a foundation for the statement “government officials don’t care what people like them think.”

Domestic Terrorists Rain Adult Toys on WNBA Courts in Multiple Aerial Assaults

In what might be described as the worst terrorist attack on American soil since 9/11, multiple WNBA courts have been pelted with brutal flying missiles.

Democrats Are In Disastrous Shape As Midterms Loom

According to CNN's Harry Enten, “The Democratic brand is in the basement. It is total and complete garbage in the mind of the American public.”

What to Know About Texas’s Redistricting Showdown

TX Democrats defied Gov. Abbott’s call to return to state for a hearing on redrawing Congressional lines, setting up a showdown between the two sides.

Texas House Votes to Arrest Democratic Lawmakers Who Left State

TX House of Reps voted 85–6 to arrest Democrat lawmakers who weren’t present when House went into session, due to fight over congressional districts.

Agriculture Secretary Clears 6 More States to Ban Purchasing Soda With Food Stamps

Ag. Sec. Rollins signed waivers filed by Colorado and five other states allowing them to ban use of food stamps to buy soda and other sugary drinks.

Harley-Davidson Names Topgolf Chief Artie Starrs as New CEO

Harley-Davidson named Artie Starrs, chief executive of Topgolf, as its new president and CEO, as motorcycle maker seeks to reinvigorate growth.

Trump Vows to ‘Substantially Raise Tariff’ on India Over Russian Oil Imports

Trump said he would “substantially” raise tariffs on goods from India, citing country’s continued purchase of Russian oil despite his demand that it stop.

European Union Suspends US Tariff Countermeasures for 6 Months

The EU will suspend its two packages of countermeasures to U.S. tariffs for six months, a European Commission spokesman said on Monday.

Trump Says Americans Could Get Dividends From Tariff Revenues

President Donald Trump suggested on Sunday that his administration could distribute dividends from tariff revenues to Americans with certain income levels.

Tariff Rates ‘Pretty Much Set,’ Says US Trade Representative

President Trump’s trade representative, Jamieson Greer, said that Americans should expect the administration’s tariff levels to remain where they are.
spot_img

Related Articles