Markets slumped in the U.S. on Thursday after Trump’s big tariff announcement.
Fallout continues after President Donald Trump’s unveiling of severe tariffs against virtually all U.S. trading partners.
Markets slumped in the United States on Thursday and business are already bracing for impact. Overseas, foreign allies and enemies are weighing their options and threatening retaliation.
The White House, though, said Trump is standing firm on the policy, telling world leaders this is not a negotiation and urging Wall Street to trust the president’s plan.
Senators introduce legislation requiring Congressional approval for tariffs
A bipartisan pair of U.S. Senators introduced legislation on Thursday that would require Congress to approve all tariffs within 60 days.
Sen. Chuck Grassley, R-Iowa., and Maria Cantwell, D-Wash., proposed the measure.
Charles Grassley speaks during a Senate Committee on Finance confirmation hearing of Michael Faulkender, nominee to be Deputy Secretary Of The Treasury on Capitol Hill on March 6, 2025 in Washington, DC.
Andrew Harnik/Getty Images
Among the list of nations hit with tariffs in Trump’s plan are several uninhabited islands with barely any permanent residents.
For example, the British Indian Ocean Territory was hit with 10% tariff but the only inhabitants of the United Kingdom territory are American and British military personnel and contractors stationed at a joint defense facility.
Norfolk Island, an Australian territory, was slapped with a rate of 29%, compared to the 10% for Australia. There is very little trade with the island, which has a population of just 2,000.
-ABC News’ Shannon Kingston
Jeep maker Stellantis said on Thursday it will temporarily pause production at two plants: one in Windsor, Canada plant and another in Toluca, Mexico.
A drone view of Stellantis’s Chrysler Windsor Assembly facility in Windsor, Ontario, Canada, February 4, 2025.
As a result, there will be temporarily layoffs for 900 employees at their American plants. Those locations include Warren Stamping and Sterling Stamping plants in Michigan as well as the Indiana Transmission, Kokomo Transmission and Kokomo Casting plants in Indiana.
The company said it’s doing this as it assesses the medium and long-term effects of tariffs. The Trump administration’s 25% auto tariff took effect earlier Thursday.
-ABC News’ Zunaira Zaki
