Trump announces sweeping tariffs ranging from 10 to 49%, will increase cost of everything
President Trump has announced new sweeping tariffs ranging from 10 to 49% on virtually every trade partner, which will increase the cost of almost everything in the US.
At an event referred to as both “make America wealthy again” and “liberation day” today, Trump has yet again updated his plans for sweeping tariffs on imported goods.
As usual, these plans are subject to change, as they have consistently changed over the last two months, but the President announced that they will now go into effect at midnight with two new executive orders:
- a closing of the de minimis loophole.
- a “reciprocal tariffs” order, which Trump describes as implementing tariffs equivalent to half the tariffs imposed by each country on the US.
As of the time of writing, the White House has yet to release the details on its website, but based on chart that Trump brought on stage at the event, it looks like it will result in tariffs ranging from 10 to 49% depending on the country.
It is being described as a 10% tariff on all imported goods plus an additional punitive tariff based on the perceived tariffs implemented by the country of origin, although Trump’s claims on foreign tariffs have been questioned before.
For example, it will result in 34% tariffs on all goods coming from China and 20% tariffs on everything coming from the European Union.
Separately, the President confirmed that the 25% tariffs on all foreign vehicles announced last week are also going into effect.
We shared a list of where electric vehicles available in the US are assembled to help people understand the impact of the tariffs on the EV industry.
However, the impact is expected to be much broader as automakers start taking into accounts the increased cost of parts from these new tariffs.
The US stock markets crashed on the news. Several countries confirmed that they plan to announce responses to the sweeping new tariffs.
Update: Here are some updates now that the White House has released the fact sheet on its website. Some of the statements included in the fact sheet unsurprisingly contradict what Trump announced on stage:
- Using his IEEPA authority, President Trump will impose a 10% tariff on all countries. -This will take effect April 5, 2025 at 12:01 a.m. EDT.
- President Trump will impose an individualized reciprocal higher tariff on the countries with which the United States has the largest trade deficits. All other countries will continue to be subject to the original 10% tariff baseline. -This will take effect April 9, 2025 at 12:01 a.m. EDT.
- Some goods will not be subject to the Reciprocal Tariff. These include: (1) articles subject to 50 USC 1702(b); (2) steel/aluminum articles and autos/auto parts already subject to Section 232 tariffs; (3) copper, pharmaceuticals, semiconductors, and lumber articles; (4) all articles that may become subject to future Section 232 tariffs; (5) bullion; and (6) energy and other certain minerals that are not available in the United States.
- For Canada and Mexico, the existing fentanyl/migration IEEPA orders remain in effect, and are unaffected by this order. This means USMCA compliant goods will continue to see a 0% tariff, non-USMCA compliant goods will see a 25% tariff, and non-USMCA compliant energy and potash will see a 10% tariff. In the event the existing fentanyl/migration IEEPA orders are terminated, USMCA compliant goods would continue to receive preferential treatment, while non-USMCA compliant goods would be subject to a 12% reciprocal tariff.
Electrek’s Take
This is getting boring. Trump does a big show about tariffs, saying they come into effect at midnight. Then, the actual release comes out saying that there are still a few days before it comes into effect—and therefore, plenty of time to fold again.
This has been going on for two months now.
The main results of the announcements are confusion and loss of credibility. I can almost guarantee that many of those tariffs will be removed before they go into effect later this week and next week.
He is even imposing a 10% tariff on countries that have trade deficits with the US. It makes no sense and destroys his own argument.
I can only assume he is going to try to sell them exemptions.
For the EV industry, like all cars, you can expect prices to go up, and therefore, the market will get smaller as fewer people can afford to buy new EVs. It might create a similar situation as during the pandemic, when used EV prices increased quite a bit with the new ones.
Now, the US also needs to wait for other countries’ responses.
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Although the Nissan Juke EV is set to debut next year, the crossover SUV may still be offered with a gas engine after all.
Nissan looks to sell gas-powered Juke SUV alongside EV
After announcing an investment of up to £3 billion ($3.9 billion) to upgrade its Sunderland, UK, plant, Nissan revealed plans to convert three of its top-selling vehicles to electric.
The new EV models include the next-gen LEAF, Qashqai, and Juke. All will be built at the Sunderland facility as part of the Japanese automaker’s brand revamp.
Nissan is preparing to launch the electric version of its iconic LEAF hatchback later this year, followed by the Juke EV in 2026 and the Qashqai EV in 2027. According to Automotive News, Nissan is looking to keep the gas-powered Juke SUV alive for a little longer.
The Juke is Nissan’s second-best-selling vehicle in Europe, behind the Qashqai. The report claims Nissan is worried about regulations and the demand for EVs in parts of Europe.
Like it did with the Qashqai, Nissan could continue selling the Juke with an upgraded hybrid powertrain. Nissan launched the next-gen Qashqai last month, claiming its e-POWER hybrid powertrain has the “best in C-Crossover segment fuel efficiency, with 4.5L per 100km and a potential range of 1,200km (WLTP).”
Although it uses an electric motor to power the wheels, it still has a gas engine that acts as a generator to charge the battery.
The next-gen LEAF, Juke, and Qashqai were expected to be a key part of Nissan’s recovery plans. After quietly delaying the electric Qashqai, will the Juke EV be next?
A report from Japan’s Kyodo News (via Reuters) last month claimed Nissan is already cutting production plans for the 2026 LEAF.
In the US, Nissan is pushing back the production of two electric vehicles that were scheduled to be built in Canton, Mississippi. Is it time for the Japanese automaker to sound the alarm?
Later this year, Nissan will launch the new and improved LEAF EV. After dropping its signature hatchback look for a more crossover SUV-like design, the LEAF is a significant upgrade from the outgoing model, offering longer range, faster charging, and much more.
Should Nissan keep the gas-powered Juke on sale? Or go EV-only as initially planned? Let us know your thoughts in the comments.
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The victims and family of victims of a crash involving Tesla Autopilot are seeking $345 million in damages as part of a wrongful death court case.
We reported on this case at trial in Miami last month.
The case attempts to place some responsibility on Tesla for creating complacency with drivers, who were led to believe Autopilot could do more than it actually could.
George McGee was driving his Model S on Autopilot in Key Largo in April 2019 when he dropped his phone and looked down to pick it up when the car blew past a stop sign at a T intersection, and crashed into a parked Chevrolet Tahoe.
22-year-old Naibel Benavides Leon and her boyfriend Dillon Angulo were standing next to the parked Tahoe. Benavides died and Angulo was seriously injured.
The police charged McGee with reckless driving, but the families of the victims sued both McGee and Tesla. McGee settled with the plaintiffs, but Tesla hasn’t.
The trial lasted almost a month, but both parties had their closing arguments yesterday, and the jury is now deliberating.
The plaintiffs have asked the jury to award them nearly $345 million in damages, comprising $109 million in compensatory damages and $236 million in punitive damages.
They have alleged that Tesla was careless in how it released and marketed Autopilot, leading owners like McGee to become overconfident in the driver assistance system, which contributed to the crash.
Tesla has been putting all the blame on McGee, who admitted to being distracted.
The automaker has also attempted to claim that it has telemetry data indicating the driver pressed the accelerator pedal. Still, the plaintiffs’ counsel has raised concerns about Tesla’s handling of the data.
Recently, Tesla has settled several wrongful death lawsuits involving its ADAS systems (Autopilot and Full Self-Driving), and there are dozens of fatal crashes involving the systems.
Electrek’s Take
It will be interesting to see the results of this trial, which I expect to see any day now. It is a bit of a complicated case, but I don’t think the jury will take weeks of deliberation.
In recent months, Tesla settled two similar cases and we don’t know for how much.
At this point, it’s unclear why the case did not settle before trial, as the trial is not a good look for Tesla, regardless of the outcome. Tesla is working hard to keep most of the information confidential, but specific details are emerging that make the Company look bad.
It’s possible that Tesla tried to settle, but the plaintiffs wouldn’t, or Tesla felt confident about winning this case.
I wouldn’t be surprised if this specific case is being watched by many other legal teams working on other fatal crashes involving Tesla’s ADAS systems.
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Despite sales in the US rising 9%, Ford’s (F) EV sales remained flat in July. Ford says the Mustang Mach-E is back on track, but CEO Jim Farley promises the company will reveal its next “breakthrough” EV in just a few days.
Ford’s US sales rise in July, but EV growth remains flat
Ford sold a total of 198,313 vehicles in the US in July, up 5% year-over-year (YOY). Although it outpaced the estimated industry average of about 5%, Ford’s electric vehicle sales fell a modest 0.2%.
With 5,308 Mustang Mach-Es sold last month, Ford said the electric SUV had its best July ever and is now ahead of its 2024 pace. The Mach-E was hit with a recall earlier this year, affecting nearly 200,000 models in the US.
Overall, Ford sold a total of 8,229 EVs in July, down slightly from the 8,242 it handed over last year. F-150 Lightning posted slightly higher sales (0.3%) with 2,831 units sold.
Meanwhile, sales of the E-Transit electric van continued slipping with only 90 units sold last month, a decrease of 89% from July 2024.
With 47,217 units sold through the first seven months of 2025, Ford’s EV sales are down 9.9% compared to the same period in 2024.
During Ford’s second-quarter earnings call on Wednesday, Farley announced that the company would unveil “plans to design and build a breakthrough electric vehicle and platform in the US.”
Farley called it “a Model T moment” for Ford, adding that it will offer “a chance to bring in a new family of vehicles” with advanced tech, efficiency, space, and features.
Rather than competing with Japanese and South Korean brands in the mass-market EV market, Ford will focus on what it does best — trucks and SUVs. Ford is developing a new, low-cost EV platform and plans to manufacture LFP batteries in Michigan, enabling more affordable and profitable electric models.
The first electric model built on Ford’s new platform is expected to be a mid-size pickup truck, set to arrive in 2027. Ford will reveal more about its big EV plans on August 11 in Kentucky.
Following the success of its “From America, For America” campaign, which offered employee pricing to all, Ford launched a new promotion in July, “Triple Zero.” The new campaign offers $0 down, 0% interest, and zero payments for the first 90 days.
Looking to test one out for yourself? You can use our links below to find deals on the Mustang Mach-E and F-150 Lightning at a dealer near you.
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