Trump tariffs could prove nearly as harmful to U.S. auto market as Lehman collapse and COVID outbreak, warn S&P forecasters

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Trump tariffs could prove nearly as harmful to U.S. auto market as Lehman collapse and COVID outbreak, warn S&P forecasters - Fortune

Quick Summary:

In "one of the largest single-month changes" it has ever made to its forecast, S&P Global Mobility cut 700,000 cars from its annual U.S.

On Monday, Trump suggested he was now considering ways to aid carmakers, but the situation remains so fluid that these latest statements could not be factored into Brinley’s analysis.

Commerce secretary Howard Lutnick did however state on ABC’s “This Week” Sunday news program that sectoral tariffs—unlike their so-called “reciprocal” cousins—are not meant to extract concessions via negotiated deals.