The Trump administration appeared to continue its piecemeal retreat from parts of its tariff war, facing market volatility and economic warnings. Trump is now exploring possible temporary exemptions to tariffs on imported vehicles and parts, aiming to give auto companies more time to set up US manufacturing. These levies had threatened to raise prices for American consumers and disrupt integrated auto supply chains across the US, Canada, and Mexico.
However, China, Trump’s main adversary in the trade war, has been on the offensive, recently imposing restrictions on rare-earth minerals. These restrictions could potentially hobble critical industries in America and elsewhere.
Meanwhile, Goldman Sachs stock traders reported their highest quarterly revenue on record, benefiting from the volatility triggered by the ongoing global trade war. Equity-trading revenue rose 27% year-over-year to $4.19 billion for the first three months of the year.
