On Monday, April 15, President Donald Trump said he might allow a temporary exemption from tariffs on imported cars and parts to give automakers more time to move production to the United States.
As Trump’s ongoing trade actions increase costs and disrupt supply chains, now is the perfect time for Detroit champions – Ford, GM and Stellantis – to get relief.
“They’re going to need a little time,” Trump said in the Oval Office. “They’re moving to parts made in Canada, Mexico and other places, and they’re going to make them here.”
While the president did not say how long the exemptions would last, the signal of a possible pause helped fuel a rebound in automaker shares, as GM, Ford and Stellantis all recovered early losses.
Tech Sector Breathes a Relief
Beyond Detroit, however, the impact will also ripple through the tech sector, which is increasingly being drawn into Trump’s evolving trade war.
Trump said he would consider short-term relief on auto parts and short-term relief for tech companies, particularly Apple and Nvidia, from the 125% tariff on Chinese goods and the 10% global baseline tariff.
“I helped Tim Cook recently,” Trump commented, referring to Apple CEO Cook, saying it was the right thing to do in terms of giving American companies some breathing room. However, this may only be temporary.
With Trump warning that certain industries could be subject to tech-related tariffs, it’s hard to know how long companies like Apple, Nvidia, and cryptocurrency miners that use overseas hardware will be able to enjoy relief to avoid higher import costs. This uncertainty has kept markets on edge as no one knows exactly which sectors will be the winners and for how long.
As of this writing, the global cryptocurrency market cap is $2.69 trillion, down 0.17% over the past 24 hours. Bitcoin’s market cap is currently $84,883.61, up 0.03% from the previous day.
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