U.S. stocks ticked higher on Thursday in the first trading since President Donald Trump announced 25% auto tariffs.
The tariffs have escalated a global trade war and prompted forecasts of higher car prices.
The Dow Jones Industrial Average climbed 20 points, or 0.05%, while the S&P 500 increased 0.25% on Thursday morning. The tech-heavy Nasdaq jumped 0.25%.
Shares of major U.S. automakers dropped in early trading. General Motors dropped more than 6%, while Ford fell nearly 2%. Stellantis — the parent company of Jeep and Chrysler — declined 1%.
The 25% tariffs will be applied to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House fact sheet released Wednesday. The tariffs will take effect on April 3.
The tariffs will also be applied to key imported auto parts, including engines, powertrain parts and electrical components.
Source-ABC
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