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The Trump administration announced on Monday it is dialing back on a set of trade tariffs imposed on auto parts after China quietly reduced duties on US semiconductors and pharmaceuticals last week. Meanwhile, President Donald Trump told news publication The Atlantic yesterday that he now “runs the world.”  Late Monday, the White House announced that “double taxation” on certain imported car components used in US vehicle assembly will be removed. The decision followed voices of opposition from American auto industry leaders, who warned that the proposed 25% tariffs would cause sellers to hike prices and depress car sales across the country. Commerce Secretary Howard Lutnick called the move a win for the president’s pro-manufacturing agenda. “This agreement is a major victory for the president’s trade policy,” Lutnick said, adding that it “rewards companies that manufacture domestically and provides an opportunity for others to expand in America.” Treasury Secretary Scott Bessent said Monday that the next steps are now “up to China.” Trump opens up in candid Atlantic interview In the interview with The Atlantic, conducted via cellphone and inside the Oval Office on April 24, Trump boasted of being both emboldened and untouchable.  “In my first term, I had two things to do, run the country and survive,” he told the magazine. “Now, I run the country and the world.” He described his second term as “a lot of fun.” So Trump eases on what is a double “taxation” on autos from foreign auto parts and China makes it so its Boeing planes fly safely and the futures are happy! — Jim Cramer (@jimcramer) April 29, 2025 The interview came about after journalists Ashley Parker and Michael Scherer cold-called his cell at around 10:45 AM Saturday. Trump answered, reportedly asking, “Who’s calling?” before inviting them and editor-in-chief Jeffrey Goldberg to…

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Filed under: News - @ April 29, 2025 1:22 pm