Recently announced U.S. tariffs on auto imports have caused concern among Asian automakers, with companies facing pressure as the duties are set to be implemented later in the week. Following President Donald Trump’s announcement of 25% tariffs on cars “not made in the U.S.,” shares of Toyota fell 9.4%, Nissan dropped 9.3%, and South Korea’s Hyundai lost 11.2%. Japanese automakers, particularly Toyota, are expected to be heavily impacted due to their significant U.S. sales, with Toyota leading in sales volume in the U.S. in 2024.
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12 states sue Trump over tariff actions, saying it has “brought chaos to the American economy”
A dozen states, including Oregon and Connecticut, have filed a lawsuit against the Trump administration in the U.S. Court of International Trade to challenge its tariff policy, claiming it is unlawful and has caused chaos in the economy. The lawsuit contends that only Congress has the authority to impose tariffs, and the president's use of the International Emergency Economic Powers Act is illegitimate, as it undermines constitutional order. In response, the White House asserted its...
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