Trump eases auto tariffs. Michigan rally: 'You ain't seen nothing yet'

The President also addressed the Americans in television interviews when it comes to tariffs. "They deserve them." This is how Trump argued to Abc News, when asked whether the 145% tariffs on China were in fact tantamount to an embargo. "They were screwing us over like nobody ever screwed us over before. They don't do that anymore,' the president said.

Speaking at the rally, the US president went on to specify: "With the tariffs on China we are putting an end to the greatest theft of jobs," said Donald Trump, returning to point the finger at Beijing's trade practices, and then specifying: "We will make a deal, but it must be fair.

The business world, far from presidential interviews and rallies, is increasingly worried. The trade war unleashed by the tycoon is being felt on the accounts and even more so on the prospects of businesses. Amazon has defied the wrath of the Republican administration by hinting that it might highlight the impact of duties on prices. Adidas spoke of "inevitable" price increases on products destined for the US.

More articulate has become the discourse on cars, a sign that some fears are being expressed among White House aides. The decision on the revision of tariffs on vehicles arriving from abroad, in more detail, stipulates that manufacturers who will pay the levies on imported models, amounting to 25%, will not also have to pay other taxes to customs, such as those on steel and aluminium, which in turn amount to 25%. In short, the blows to trade will not add up and, retroactively, companies will be reimbursed for what they overpaid.

What's more: the measures on duties on car parts, which are themselves 25 per cent and come into force on 3 May, will be adjusted. Manufacturers will be paid back duties on parts used to build cars in the US, up to a maximum of 3.75 per cent of the value of each vehicle in the first year and 2.5 per cent in the second. "We want to provide a path for automakers to quickly and efficiently create as many jobs in the US as possible," explained Treasury Secretary Scott Bessent.

The top executives of the big US brands - from Ford to GM - breathed a sigh of relief, promising to continue to cooperate with the government. The stocks of Ford and Stellantis immediately rose 1.2% and 4.3% on Wall Street.

But on international trade, a climate of general uncertainty remains: Gm in reporting a 6.6 per cent drop in profits in the first quarter nevertheless cancelled its 2025 profit forecasts, denouncing 'the evolving nature of the situation' and the belief that 'the future impact of tariffs could be significant', as CFO Paul Jacobson put it.

Still in the automotive sector, Volvo removed guidance and Porsche calculated an extra ballast of at least EUR 100 million between April and May. In other sectors, Kraft Heinz suspended its forecasts. Adidas, despite having accelerated deliveries to the US in anticipation of the trade wars, explained that tariffs will cause 'inevitable' price increases, and avoided improving its financial performance outlook.

The shipping giant Ups announced 20,000 job cuts, underlining - with CEO Carol Tome - repercussions for trade 'unseen' in the last century. Electrolux emphasised the weakness of shopping at this stage. While Amazon - according to rumours - is considering highlighting on the labels of products on its low-cost site, the part of the price due to duties: the hypothesis, later denied, triggered an immediate clash with the White House, which defined the initiative as 'hostile and political'. Trump himself intervened directly by calling Jeff Bezos on the phone in "very angry tones", according to CNN.

Economic data in turn show the growing strains on the US economy: consumer confidence as measured by the Conference Board in April fell to its lowest level since the pandemic, with the expectations indicator suggesting a recession now looming. The US GDP for the first quarter today is expected to show almost zero growth, 0.3%. Meanwhile, stock market indices on Wall Street suffered their worst performance in a hundred days since Richard Nixon's presidency in the 1970s. A picture that leaves the Federal Reserve in doubt between supporting expansion by cutting rates, and fearing new inflationary flare-ups.

Treasury Secretary Bessent once again supported Trump's manoeuvre on tariffs as an effective choice of 'strategic uncertainty' and promised agreements coming with several countries. Bessent also stated that a trade confrontation is 'unsustainable' especially for China, which could lose 'up to ten million jobs' quickly. Outside observers are much more sceptical: hedge fund king Ray Dalio said it is now 'too late' to escape the severe economic damage caused by Trump's trade wars.

The polls, to be sure, show a distressed Trump at the Macomb rally and the 100-day mark. His approval rate is at lows, close to 40 per cent, and is suffering above all from the rejection on the economy and trade, as well as the harsh anti-immigration measures. The re-launch of America First from the podium in Michigan will hardly be able to heal the economic and social traumas already visible in the United States and appease Americans.