(NEW YORK) — U.S. stocks stood essentially unchanged in trading on Wednesday hours before President Donald Trump’s expected announcement of sweeping tariffs, which the White House has dubbed “Liberation Day.”
The Dow Jones Industrial Average ticked up 7points, or 0.02%, while the S&P 500 climbed 0.05%. The tech-heavy Nasdaq inched up 0.02%.
Tesla, the electric carmaker led by billionaire Trump-advisor Elon Musk, fell nearly 2%. The stock decline came minutes after the company reported a 13% drop in car deliveries over the past three months compared to the same period a year ago.
The S&P 500 and NASDAQ both posted their first quarterly losses since 2022 this week as investors prepared for the new measures and economists warned of the possibility of a recession — with major potential knock-on effects for other economies around the globe.
Canada vowed Tuesday to respond with retaliatory tariffs if Trump slaps additional levies on Canadian goods.
Europe has a “strong plan” to retaliate against Trump’s planned tariffs, Ursula von der Leyen, president of the European Commission, said in a speech on Tuesday.
Trump is set to make his tariff announcement in the White House Rose Garden on Wednesday at 4 p.m. ET, after the stock market closes.
Abroad, the British FTSE 100 index dropped by more than 0.6% on Wednesday morning, with Germany’s DAX index down by 1.2%. The French CAC 40 index was down more than 0.5%.
Japan’s Nikkei index rose nearly 0.3%, but South Korea’s KOSPI index dropped by more than 0.6%.
On Tuesday, the Dow Jones ended at 41,989.96 down 0.03%. The S&P 500 ended at 5,633.07 up 0.38% and the NASDAQ ended at 17,449.89 up 0.87%.
Automakers and pharmaceutical companies have reportedly been lobbying the Trump administration for carve outs and a phase-in approach for the promised tariffs.
World leaders have threatened a response while pressing the White House for clarity.
(NEW YORK) — Deliveries of Elon Musk’s Tesla vehicles dropped about 13% compared to a year ago, according to a new release from the company. The decline comes amid criticism of Musk and increased competition.
On Wednesday, Tesla reported it produced over 362,000 vehicles and delivered over 336,000 in the first quarter of 2025. That performance marked a decline compared to the same period one year ago, when Tesla produced over 433,000 vehicles and delivered about 387,000.
Shares of Tesla fell 2.5% in early trading on Wednesday.
The company has faced fierce backlash — including violence and vandalism against its cars and dealerships– as its CEO Elon Musk works in Washington alongside Donald Trump to slash the federal government.
Dan Ives, a managing director of equity research at the investment firm Wedbush, a longtime Tesla bull, slammed the report and sharply criticized the company in a note to clients on Wednesday.
“We are not going to look at these numbers with rose colored glasses,” Ives said. “They were a disaster on every metric.”
“The time has come for Musk,” Ives added.” It’s a fork in the road moment.”
In its release today, Tesla made no mention of its CEO but did say that a “changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1.” But, it said “the ramp of the New Model Y continues to go well.”
“Thank you to all our customers, employees, suppliers, shareholders and supporters who helped us achieve these results,” the release said.
This is a developing story. Check back for updates.
(NEW YORK) — Stock markets struggled into Wednesday morning as it became clear that President Donald Trump intended to announce a slew of tariffs on America’s trading partners, with the White House preparing to mark what it is calling “Liberation Day.”
The S&P 500 and NASDAQ both posted their first quarterly losses since 2022 this week as investors prepared for the new measures and economists warned of the possibility of a recession — with major potential knock-on effects for other economies around the globe.
The Dow Jones, S&P 500 and NASDAQ futures were all slipping on Wednesday morning, with Dow Jones futures down by about 100 points.
Trump is set to make his tariff announcement in the White House Rose Garden on Wednesday after the stock market closes.
Abroad, the British FTSE 100 index dropped by more than 0.6% on Wednesday morning, with Germany’s DAX index down by 1.2%. The French CAC 40 index was down more than 0.5%.
Japan’s Nikkei index rose nearly 0.3%, but South Korea’s KOSPI index dropped by more than 0.6%.
On Tuesday, the Dow Jones ended at 41,989.96 down 0.03%. The S&P 500 ended at 5,633.07 up 0.38% and the NASDAQ ended at 17,449.89 up 0.87%.
Automakers and pharmaceutical companies have reportedly been lobbying the Trump administration for carve outs and a phase-in approach for the promised tariffs.
World leaders have threatened a response while pressing the White House for clarity.
(NEW YORK) — Canada vowed to respond with retaliatory tariffs if President Donald Trump slaps additional levies on Canadian goods as part of an expected announcement of sweeping new tariffs on Wednesday.
“We will respond to additional measures,” Canadian Prime Minister Mark Carney told reporters on Tuesday. “We will put in place retaliatory measures if there are additional measures put against Canada tomorrow.”
The Trump administration last month imposed 25% tariffs on some goods from Canada. Initially, the tariffs applied to all Canadian goods, but a day later Trump issued a carve-out for goods compliant with the United States-Mexico-Canada Agreement, or USMCA, a free trade agreement.
In response to U.S. tariffs, Canada slapped a 25% retaliatory duty on $30 billion worth of goods and pledged additional measures.
Despite the trade turbulence on Tuesday, U.S. stocks rallied.
The Dow Jones Industrial Average ticked up 30 points, or 0.1%, while the S&P 500 climbed 0.4%. The tech-heavy Nasdaq increased 0.8%.
Trump told reporters at the Oval Office on Monday that he had settled on a course of action for the fresh round of tariffs set to take effect on April 2, though he declined to offer details.
Additional U.S. tariffs could elicit countermeasures from trade partners, exacerbating global trade tensions that erupted in response to a previous set of tariffs issued by the Trump administration last month.
Europe has a “strong plan” to retaliate against Trump’s planned tariffs, Ursula von der Leyen, president of the European Commission, said in a speech on Tuesday.
“We will approach these negotiations from a position of strength. Europe holds a lot of cards, from trade to technology to the size of our market,” von der Leyen said.
Days earlier, Trump told reporters over the weekend that his tariffs could affect “all the countries.”
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.
This is a developing story. Please check back for updates.
(NEW YORK) — U.S. stocks tumbled in early trading on Tuesday, just a day before President Donald Trump’s expected announcement of sweeping new tariffs, which threatens to escalate a global trade war.
The Dow Jones Industrial Average fell 250 points, or 0.6%, while the S&P 500 declined 0.45%. The tech-heavy Nasdaq ticked down 0.3%.
Trump told reporters at the Oval Office on Monday that he had settled on a course of action for the fresh round of tariffs, though he declined to offer details.
Additional U.S. tariffs could elicit countermeasures from trade partners, exacerbating global trade tensions that erupted in response to a previous set of tariffs issued by the Trump administration last month.
Europe has a “strong plan” to retaliate against Trump’s planned tariffs, Ursula von der Leyen, president of the European Commission, said in a speech on Tuesday.
“We will approach these negotiations from a position of strength. Europe holds a lot of cards, from trade to technology to the size of our market,” von der Leyen said.
Days earlier, Trump told reporters over the weekend that his tariffs could affect “all the countries.”
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.
This is a developing story. Please check back for updates.
(NEW YORK) — Stocks fell on Monday ahead of the expected introduction of President Donald Trump’s sweeping tariffs on Wednesday, measures the president said will impact “all countries.”
The Dow Jones Industrial Average ticked down 10 points, or 0.03%, while the S&P 500 declined 0.7%. The tech-heavy Nasdaq plunged 1.5%.
Tesla, the electric carmaker led by billionaire Trump-advisor Elon Musk, dropped nearly 5%.
The downturn in U.S. markets followed a wave of selloffs worldwide.
Japan’s Nikkei index fell more than 4% and South Korea’s KOSPI slipped 3% after opening on Monday. In Europe, the British FTSE 100 fell by 1.18%, the German DAX index fell by 1.82% and France’s CAC 40 dropped by 1.76%.
Gold — a traditional safe-haven asset — reached a new record high of $3,128 per ounce.
Trump told reporters this weekend that his tariffs could affect “all the countries.”
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.
“Over the decades, they ripped us off like no country has never been ripped off in history and we’re going to be much nicer than they were to us, but it’s substantial money for the country,” Trump said.
Auto tariffs of 25% are among those expected to come into effect on April 3. The measures will apply to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House statement released last week.
Analysts widely expect the tariffs to raise prices for foreign-made cars, since importers will likely pass along a share of the tax burden to consumers.
Cars produced in the U.S. are also expected to undergo significant price hikes since manufacturers will bear higher costs for imported parts and face an uptick in demand as buyers seek out domestic alternatives, experts have told ABC News.
Trump dismissed concerns about auto tariffs this weekend. “The automakers are going to make a lot of money,” he said. “American automakers or international automakers, if you’re talking about them, are going to build in the United States.”
“The people that are going to make money are people that manufacture cars in the United States,” he continued. “Outside of the United States, that’s going to be up to them. I don’t care too much about that. But you have a lot of companies coming into the country to manufacture cars.”
ABC News’ Hannah Demissie contributed to this report.
(NEW YORK) — U.S. stocks plunged in early trading on Monday ahead of the expected introduction of President Donald Trump’s sweeping tariffs on Wednesday, measures the president said will impact “all countries.”
The Dow Jones Industrial Average fell 315 points, or 0.75%, while the S&P 500 declined 1.1% on Monday morning. The tech-heavy Nasdaq plunged 1.75%.
Tesla, the electric carmaker led by billionaire Trump-advisor Elon Musk, dropped nearly 6%.
The downturn in U.S. markets followed a wave of selloffs worldwide.
Japan’s Nikkei index fell more than 4% and South Korea’s KOSPI slipped 3% after opening on Monday. In Europe, the British FTSE 100 fell by 1.18%, the German DAX index fell by 1.82% and France’s CAC 40 dropped by 1.76%.
Gold — a traditional safe-haven asset — reached a new record high of $3,128 per ounce.
Trump told reporters this weekend that his tariffs could affect “all the countries.”
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.
“Over the decades, they ripped us off like no country has never been ripped off in history and we’re going to be much nicer than they were to us, but it’s substantial money for the country,” Trump said.
Auto tariffs of 25% are among those expected to come into effect on April 3. The measures will apply to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House statement released last week.
Analysts widely expect the tariffs to raise prices for foreign-made cars, since importers will likely pass along a share of the tax burden to consumers.
Cars produced in the U.S. are also expected to undergo significant price hikes since manufacturers will bear higher costs for imported parts and face an uptick in demand as buyers seek out domestic alternatives, experts have told ABC News.
Trump dismissed concerns about auto tariffs this weekend. “The automakers are going to make a lot of money,” he said. “American automakers or international automakers, if you’re talking about them, are going to build in the United States.”
“The people that are going to make money are people that manufacture cars in the United States,” he continued. “Outside of the United States, that’s going to be up to them. I don’t care too much about that. But you have a lot of companies coming into the country to manufacture cars.”
ABC News’ Hannah Demissie contributed to this report.
(NEW YORK) — Foreign markets saw a wave of selloffs on Monday morning ahead of the expected introduction of President Donald Trump’s sweeping tariffs on Wednesday, measures the president said will impact “all countries.”
Japan’s Nikkei index fell more than 4% and South Korea’s KOSPI slipped 3% after opening on Monday. In Europe, the British FTSE 100 fell by 1.18%, the German DAX index fell by 1.82% and France’s CAC 40 dropped by 1.76%.
Gold — a traditional safe-haven asset — reached a new record high of $3,128 per ounce.
U.S. markets will open Monday morning after tumbling at the end of last week. The Dow Jones closed 1.7% down on Friday, the S&P 500 down 1.97% and the Nasdaq Composite down 2.7%.
Trump told reporters this weekend that his tariffs could affect “all the countries.”
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.
“Over the decades, they ripped us off like no country has never been ripped off in history and we’re going to be much nicer than they were to us, but it’s substantial money for the country,” Trump said.
Auto tariffs of 25% are among those expected to come into effect on April 3. The measures will apply to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House statement released last week.
Analysts widely expect the tariffs to raise prices for foreign-made cars, since importers will likely pass along a share of the tax burden to consumers.
Cars produced in the U.S. are also expected to undergo significant price hikes since manufacturers will bear higher costs for imported parts and face an uptick in demand as buyers seek out domestic alternatives, experts have told ABC News.
Trump dismissed concerns about auto tariffs this weekend. “The automakers are going to make a lot of money,” he said. “American automakers or international automakers, if you’re talking about them, are going to build in the United States.”
“The people that are going to make money are people that manufacture cars in the United States,” he continued. “Outside of the United States, that’s going to be up to them. I don’t care too much about that. But you have a lot of companies coming into the country to manufacture cars.”
ABC News’ Max Zahn and Hannah Demissie contributed to this report.
(MADISON, WI) — Just hours after the state Supreme Court rejected Wisconsin Attorney General Josh Kaul’s effort to block Elon Musk from handing out $1 million checks on Sunday night, the billionaire took the stage at a town hall in Green Bay and gave away two $1 million checks to attendees in his latest effort to support conservative candidate Brad Schimel.
Urging the crowd to back Schimel, Musk cast Tuesday as “a vote for which party controls the House of Representatives” and implied “the future of civilization” is at stake.
One of the recipients of a large, showy check, Nicholas Jacobs, is the chair of the Wisconsin College Republicans.
The Wisconsin Supreme Court’s order came just minutes before the event was set to start.
Notably, the court also rejected a bid from Musk’s lawyers to ask two justices, who had campaigned for Wisconsin Supreme Court candidate Susan Crawford, to recuse themselves.
The ruling came after an appeals court on Saturday denied Kaul’s emergency motion to stop the giveaway from taking place.
Kaul wrote in his initial filing on Friday that he was asking for emergency relief to stop Musk and America PAC “from further promoting a million-dollar giveaway to attendees of a planned event on Sunday, March 30, 2025, and prohibiting Respondents from making any payments to Wisconsin electors to vote.”
However, the judge assigned to the case, the Honorable Columbia County Circuit Court Judge W. Andrew Voigt, refused to hear the lawsuit before Sunday’s Green Bay rally with Musk — prompting Kaul’s emergency motion asking a Court of Appeals to take action.
After that emergency motion was rejected, Kaul appealed to the Wisconsin Supreme Court to step in on Sunday.
Lawyers for Elon Musk and America PAC then filed motions for the recusal of Wisconsin Supreme Court Justices Rebecca Frank Dallet and Jill J. Karofsky.
They argued that because Dallet and Karofsky campaigned for Crawford, and Crawford has been critical of Musk, “to avoid any potential perceptions of bias and manifestations of possible bias, Justices Dallet and Karofsky should decline to participate in consideration of this matter.”
The lawyers also framed the planned Sunday night giveaways as “spokesperson agreements” for spokespeople for the PAC.
In the initial lawsuit, shared by Kaul’s office, Kaul argued that “Musk’s announcement of his intention to pay $1 million to two Wisconsin electors who attend his event on Sunday night, specifically conditioned on their having voted in the upcoming April 3, 2025, Wisconsin Supreme Court election, is a blatant attempt to violate” state law, which “forbids anyone from offering or promising to give anything of value to an elector in order to induce the elector to go to the polls, vote or refrain from voting, or vote for a particular person.”
The suit asked for a restraining order “prohibiting Defendants from any further promotion of the million-dollar gifts to attendees of the planned Sunday March 30, 2025,” as well as a temporary restraining order “prohibiting Defendants from making any payments to Wisconsin electors to vote,” and injunctive relief to “restrain and prohibit all actions by Defendants taken in furtherance of a planned violation” of the state law.
In addition to presenting the checks on Sunday night, Musk said his PAC is launching a “Block Captain” program ahead of the election on Tuesday, where participants will make $20 for each picture they post of someone with a Schimel sign and a thumbs up outside of their home.
So far, two political groups aligned with Musk — America PAC and Building America’s Future — have poured nearly $20 million into supporting Schimel for the open seat.
The world’s richest man has used cash giveaways in the past, including a controversial $1 million sweepstakes offered to voters in swing states during last year’s election cycle as part of an effort to boost President Donald Trump’s chances of winning in those states.
The Wisconsin Supreme Court election, on Tuesday, has generally become the center of a political firestorm, and has become the most expensive state supreme court race in American history, according to the Brennan Center for Justice at New York University.
(NEW YORK) — Inflation held steady in February compared to a year ago, according to a release from the Federal Reserve’s preferred gauge of price increases.
The reading matched economists’ expectations.
Consumer prices climbed 2.5% in February compared to a year ago, registering at a level slightly higher than the Fed’s target rate of 2%, Commerce Department data on Friday showed.
Core inflation — a closely watched measure that strips out volatile food and energy prices — increased 2.8% over the year ending in February, ticking lower from the previous month, data showed.
The fresh data arrives little more than a week after the Fed opted to leave interest rates unchanged.
Speaking at a press conference after the rate decision, Fed Chair Jerome Powell faulted President Donald Trump’s tariffs for a “good part” of recent inflation. The central bank predicted weaker year-end economic growth and higher inflation than it had in a December forecast.
Consumer surveys show rising fears about inflation as Trump imposes tariffs on top trading partners and key industries.
Economists widely expect tariffs to raise prices because importers typically pass along a share of the tax burden to consumers in the form of higher costs.
Trump announced this week plans to slap 25% tariffs on all imported cars, escalating a global trade war and eliciting criticism from leaders in Canada and Europe. The duties came on the heels of tariffs on steel and aluminum, as well as levies on goods from China, Canada and Mexico.
The Commerce Department data for February covers a period that largely precedes Trump’s tariffs, though the reading arrives amid a bout of accelerating inflation that stretches back to the final months of the Biden administration.
Prince increases fell dramatically from a peak of more than 9% in 2022, but sped up slightly at the end of last year.
This is a developing story. Please check back for updates.
