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Trump grants monthlong exemption for US automakers from new tariffs
March 5, 2025//
(AP File Photo/Ted Shaffrey)
(AP File Photo/Ted Shaffrey)
Trump grants monthlong exemption for US automakers from new tariffs
March 5, 2025//
President Donald Trump is granting a one-month exemption on his stiff new tariffs on imports from Mexico and Canada for U.S. automakers, as worries persist that the newly launched trade war could crush domestic manufacturing.
Mayors from four major cities testified Wednesday in Congress as Republicans take aim at “sanctuary cities,” arguing that they impede the Trump administration’s mass deportation agenda and protect people who are in the United States illegally.
And a federal judge has blocked the Trump administration from drastically cutting medical research funding that many scientists say will endanger patients and cost jobs.
Here’s the latest:
Major retailers tamper expectations for 2025
Some national retailers are beginning to take a more cautious approach with their financial forecasts as they keep a closer eye on signs of a pullback in consumer spending.
U.S. consumer confidence plunged last month, the biggest monthly decline in more than four years, according to the Conference Board. Respondents to the board’s survey expressed concern over inflation with a significant increase in mentions of trade and tariffs, the board said.
Trump’s tariffs against America’s three biggest trading partners have drawn immediate retaliation from Mexico, Canada and China, sending financial markets into a tailspin.
The tariffs threaten to rekindle inflation, which in recent weeks appears to have begun to tick higher and has created more uncertainty for families and businesses.
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