🚗✨ Good news for U.S. automakers! President Donald Trump has decided to temporarily pause tariffs on cars from Canada and Mexico for one month. This move comes after discussions with the "Big Three" automakers: Stellantis, Ford, and General Motors. 🏎️
White House Press Secretary Karoline Leavitt announced that automakers received a much-needed reprieve, helping to ease concerns over consumer impacts. Wall Street responded positively, with stocks for Stellantis, Ford, and General Motors each jumping by about 6%. 📈
The American Automotive Policy Council applauded Trump's decision, signaling relief within the industry. However, not all is smooth sailing. Trump's recent call with Canadian Prime Minister Justin Trudeau didn't yield a breakthrough, as the U.S. leader remains unconvinced about Canada's efforts to tackle fentanyl smuggling. 💊🚫
Despite Canada contributing less than 1% of fentanyl to the U.S. illicit supply, according to government data, Trump has dismissed these figures. Earlier, Trump imposed sharp 25% tariffs on U.S. imports from Canada and Mexico, citing illegal immigration and drug trafficking, which have strained relations and caused global markets to tumble. 📉
Canada has responded with retaliatory levies, and Mexican President Claudia Sheinbaum is set to unveil her response at a rally this Sunday. As the trade tensions persist, the future of cross-border economic ties remains uncertain. 🤝
Reference(s):
Trump pauses tariffs for autos as Trudeau call yields no breakthrough
cgtn.com
