Autos Driving Higher as Trump Reportedly Will Delay Auto Tariffs By

© Reuters. – Auto stocks rose on Wednesday on reports that President Donald Trump plans to delay auto import tariffs by about six months.

By early afternoon, Ford Motor (NYSE:) rose 1.32%, General Motors (NYSE:) rose 0.84% and Fiat Chrysler (NYSE:) rose 1.35%

With time running out ahead of a Saturday deadline to make a decision on whether to impose tariffs on car and auto part imports over national security concerns, the White House is expected not to press ahead with duties on imported autos, Reuters reported, citing Trump administration officials.

After Saturday, the administration can decide to delay tariffs on autos for 180 days as long as it continues talks with trading partners.

Traders had feared that Trump would use the threat of the tariffs to gain the upper hand in trade talks with the European Union and Japan.

U.S. auto tariffs would raise the price of both new and used vehicles, and dealerships would see employment declines and a decrease in revenue, according to the Center for Automotive Research.

But with the European Union standing ready to retaliate against any potential U.S. levies on autos, the president has seemingly decided that fighting a trade war on multiple fronts may prove too costly.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Show More
Refurbished Computers Starting As Low As $129 At

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button