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Tariff Turmoil: Wall Street Wobbles Amid Auto Industry Shake-Up
Wall Street faced a turbulent day as President Trump's announcement of 25% tariffs on imported cars sent ripples through the stock market. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experienced declines, reflecting investor concerns over the potential economic impact of the tariffs.
Automakers were among the hardest hit, with General Motors and Ford seeing significant drops in their stock prices. Even U.S.-based manufacturers felt the strain due to their complex supply chains spanning North America. Meanwhile, electric vehicle makers like Tesla and Rivian fared better, as their production is largely U.S.-based.
The tariffs, set to take effect on April 2, have sparked fears of a trade war and raised questions about their long-term implications for the global economy. Investors remain cautious, with many bracing for further market volatility.
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