The tariff block doesn’t affect auto levies, but some carmaker stocks are still rising
Automakers aren’t spared by a federal court’s decision on Wednesday to block a significant chunk of President Trump’s tariffs, but some are seeing stock gains anyway.
The Washington Post reports:
“Trump’s tariffs on specific products such as steel, aluminum and automobiles are not affected and are still in effect. Trump did not use the emergency powers to implement these levies, instead relying on a 1962 trade law. Typically, the commerce secretary or another government official has to investigate whether the imports affect national security under this law, so the process takes longer than using emergency powers.”
Stellantis, Nissan, and Toyota were all trading higher Thursday morning. Given that 25% tariffs on both vehicles and their parts are still on, the boosts are likely on the hopes that tariff easing in any direction will help free up consumer wallets and get them thinking about buying some cars.
Honda was also up more than 3%, while Ford and GM were flat.
Toyota, more specifically, is seeing a bit of a bump as panic buying fueled its second straight record sales month in April. Its US sales climbed 10% on the month.
