Trump Aides Defend His Tariffs Amid Global Blowback
The president’s top advisers acknowledged President Trump’s sweeping tariffs could raise prices but said an economic adjustment that would ultimately benefit American workers was overdue.
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The president’s top advisers acknowledged President Trump’s sweeping tariffs could raise prices but said an economic adjustment that would ultimately benefit American workers was overdue.
Carmakers’ declines extended in after-hours trading on the news of 25% tariffs on imported vehicles. The drop reflected concerns about inflation.
The drop reflected market volatility fueled by President Trump’s whiplash on trade and concern that sweeping tariffs could reignite inflation and slow the economy.
The gains couldn’t overcome steep losses earlier in the week, and the S&P 500 remained in negative territory. President Trump’s tariff policy kept markets on edge.
The S&P 500 jumped about 1.2 percent on Wednesday, after two days of declines. Shares of automakers rallied.
The S&P 500 added to recent losses in early trading. German automakers, many of which have plants in Mexico that make vehicles that are sold in the United States, were especially hard hit.
German automakers, many of which have plants in Mexico that make vehicles that are sold in the United States, were especially hard hit.
The S&P 500 fell 1.8 percent on Monday after President Trump doubled down on plans to impose 25 percent tariffs on Canada and Mexico starting Tuesday.