- Auto stocks including General Motors and Stellantis tumbled as manufacturers awaited President Trump’s latest tariff announcement on Wednesday. The Dow Jones U.S. auto manufacturers index dropped 5% while Elon Musk’s Tesla was down 5.6%. Industry estimates pegged the price increases as high as $10,000 due to the impact from the levies.
President Trump pushed ahead with new tariffs on foreign-made cars and light trucks of 25%, he announced from the Oval Office on Wednesday. The new tariffs will launch on April 2 “and we’ll start collecting on April 3,” said Trump, adding the levies would not hit cars built in the U.S.
