I=7
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Trump said he will impose around 25% tariff on autos by April 2.
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He said that the tariffs are working and that he had been contacted by companies wanting to come back to the US.
“I’ve been contacted by some of the biggest companies in the world, and because of what we’re doing economically and through tariffs and incentives, they want to come back into the United States,” he said.
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Volkswagen shares shed 2.6% as a result.
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CEO Oliver Blume recently said that he’s seeking direct contact with Trump, hoping to gain tariff advantages due to their investments in the country.
Assessment
Given Trump’s decision to suspend the 25% tariff on Mexico and Canada imports after getting assurances from both countries to stop Fentanyl and illegal migration, it seems to me that Trump is using the tariff as a negotiation tool to get what he wants.