President Donald Trump stepped back—slightly. On Tuesday, he signed a new order softening his auto tariffs just days before fresh 25% duties were set to hit imported car parts.
The move offers temporary relief. U.S. carmakers will be able to claim credits worth up to 15% of the value of vehicles assembled domestically, using them to offset import costs. It’s a narrow path to stability in an industry still caught in a whirlwind.
The White House framed it as a measure of support. “We didn’t want to penalise them,” Trump said before heading to Michigan, home of the U.S. auto legacy. But behind the words lies a deeper tension—between protectionist ambition and economic disruption.
Auto firms had been lobbying hard. The tariffs threatened a production model that spans borders—integrating U.S., Mexican, and Canadian supply chains. General Motors, facing the uncertainty head-on, withdrew its annual forecast and delayed its investor call.
Others followed. UPS announced 20,000 job cuts. Electrolux and Kraft Heinz warned that chaotic trade policies are making long-term planning almost impossible. In total, more than 40 companies have adjusted their earnings guidance in just two weeks.
Markets, for now, responded with optimism. A vague signal from Commerce Secretary Howard Lutnick—claiming a deal with a foreign partner, pending local approval—helped lift stocks. The S&P 500 closed higher for a sixth straight session.
But the fundamentals are softening. U.S. GDP is expected to have grown by just 0.3% in the first quarter, dragged down by import surges and consumer stockpiling. Trump’s 90-day pause on broader tariffs has done little to calm broader fears.
His administration hopes to finalise 90 trade deals in the same 90 days. But for most businesses, the clock is ticking louder than the promises.
“Every single prediction has been proved wrong,” said Electrolux CEO Yannick Fierling. At this point, markets aren’t asking for precision—they’re asking for clarity.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran...
The Kremlin has denied a Wall Street Journal report claiming Moscow is pressuring Belarus to support an expanded Russian military campaign in Ukraine....
China's legal profession is undergoing a significant shift as artificial intelligence increasingly takes over the routine work that has traditionally ...
The Kremlin has said it will pursue all available legal avenues if Britain proceeds with plans to sell Russian crude oil seized from a tanker earlier ...
At least 164 people have been killed and 971 injured after powerful earthquakes struck Venezuela, Acting President Delcy Rodríguez said. The quakes c...
The Kremlin has said it will pursue all available legal avenues if Britain proceeds with plans to sell Russian crude oil seized from a tanker earlier this month.
Brazil and Mexico secured statement wins at the FIFA World Cup 2026 as Vinícius Jr starred in Brazil’s 3-0 victory over Scotland, while Mexico beat Czechia to finish top of Group A. South Africa also made history by reaching the knockouts for the first time.
Tehran has agreed to let the International Atomic Energy Agency (IAEA) recommence inspections of its nuclear programme, U.S. Vice President JD Vance has said. The U.S. and Iran have settled on a 60-day roadmap aimed at reaching a final deal, according to mediators Qatar and Pakistan.
Villagers took part in Dragon Boat Festival celebrations on 24 June in Foshan, Guangdong province, where traditional racing was held on the narrow, winding Diejiao River.
Russia has called for clarification on whether U.S. President Donald Trump has changed his position on the war in Ukraine following remarks made at the recent G7 summit in Evian-les-Bains.
As Western Europe battles a deadly heatwave that has shattered temperature records, disrupted transport and power supplies, and forced the closure of schools and cultural landmarks, attention is turning to whether El Niño is playing a role in the extreme conditions.
Israel's defence minister said on Wednesday Israeli troops will not withdraw from southern Lebanon, highlighting a hurdle to Iran-U.S. peace talks, as the top U.S. diplomat tours the Middle East to win over allies sceptical about a proposed deal.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran unless Congress formally authorised military action.
U.S. President Donald Trump said that Iran had agreed to nuclear inspections into "infinity, despite Tehran's denials, and that unfrozen Iranian assets would be used to buy humanitarian supplies from the United States.
The Kremlin has denied a Wall Street Journal report claiming Moscow is pressuring Belarus to support an expanded Russian military campaign in Ukraine.
China's legal profession is undergoing a significant shift as artificial intelligence increasingly takes over the routine work that has traditionally launched the careers of junior lawyers.
The Kremlin has said it will pursue all available legal avenues if Britain proceeds with plans to sell Russian crude oil seized from a tanker earlier this month.
At least 164 people have been killed and 971 injured after powerful earthquakes struck Venezuela, Acting President Delcy Rodríguez said. The quakes caused widespread destruction around Caracas, collapsing buildings and trapping residents, with fears the toll could rise significantly.
A worsening cholera outbreak and escalating violence are deepening Sudan's humanitarian crisis, with more than 700 suspected cholera cases and 105 deaths reported in West Kordofan since mid-May, according to health authorities.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment