For crying out loud, like a drunk toddler & for seemingly no reason at all, #Trump has now reversed his #tariffs on #Canada.
Trump said Thurs that he would allow BOTH #Mexico & Canada to avoid tariffs on most exports to the #US for 1 month, specifically products subject to the #USMCA, the #trade pact he signed in his first term.
The move came less than a day after he granted a 30-day reprieve to #automakers, & hours after announcing a pause on Mexico’s tariffs.
#economy #instability #geopolitics

#Auto industry stocks slumped Tues amid fears that #Trump #tariffs on goods from #Mexico & #Canada would wipe out profits from companies already struggling w/tepid demand. Almost all #automakers build vehicles in Mexico & Canada which they sell in the #UnitedStates. None of them can afford to absorb the additional 25% tariffs & will be forced to pass most of it on to #consumers.

While in the #House, Peters sat on the conference panel that finalized the sweeping 2010 Dodd-Frank #reforms to #WallStreet & the #banking system. During his House days, Peters was also intimately involved in the federal rescue of General Motors Corp & Chrysler LLC when the #Michigan #automakers were hit by the 2008 financial crisis.

“If they want to be tough on #China, don’t punish US #automakers & hard-working Americans by handing our clean-car keys to the Chinese,” said Gina McCarthy, former White House #climate adviser & former head of the #EPA. “The #UnitedStates must continue to show leadership on the international stage if we want to have any say in how trillions of dollars in financial investments, policies & decisions are made.”

#Automakers globally have been shifting toward #ElectricVehicles in part to comply w/stricter govt limits on #climate-damaging tailpipe #pollution.
But the #Trump recs would allow automakers to produce more #gas-powered vehicles by rolling back #emissions & #fuel-economy standards championed by the #Biden admin. Trump’s team proposes shifting #regulations back to 2019 levels, allowing an avg of ~25% more emissions per vehicle mile than the current 2025 limits & avg fuel economy to be ~15% lower.

The proposals came from a #Trump transition team charged with crafting a strategy for swift implementation of new automotive policies. The team also calls for eliminating the #Biden administration's $7,500 #TaxCredit for consumer #EV purchases…. The policies could strike a blow t o US EV sales & production at a time when many legacy #automakers, including GM & Hyundai, have recently introduced a wider array of #electric offerings to the US market.