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Trump is tanking the US auto industry shares and the big auto manufacturers are down significantly on the threat of the Trump tariffs. 25% on Mexico and Canada, an additional 10% on China that Trump says will be imposed on day one. This post stood out to me. So here's the sequence of events, I guess, of the white autoworker Trump voter, be a white autoworker. Have Democrats help secure historic contracts for you. Have Trump say your job could be done by children and that you're picketing for the wrong reasons. You vote for Trump, you get promised Trump tariffs, which he lies to you and claim is a tax on the foreign country, which it's not. You lose your job and historic pension benefits. The headline there was General Motor shares extend their decline to about 7.9%. And so Donald Trump threatened tariffs. And then Claudia Sheinbaum, the president of Mexico, threatened retaliatory tariffs. And in her letter to Donald Trump, she pointed out that General Motors and other major US Auto manufacturers are have major factories in Mexico. And so you're only going to be screwing your own companies. Get to more of that in a moment. We also have a bunch of things happening right now. So number one, it's the Trump tariffs and retaliatory tariffs threatened by Mexico and potentially Canada and China as well. You also have, and we reported on this earlier as well, the oil tycoons who supported Donald Trump when they were saying drill, baby, drill, well, they've now confessed that actually the supply of oil actually exceeds the demand. And as we had previously reported under the Biden administration, there was more oil production than ever in the history of the United States. And we were energy independent. And also from a geological perspective, we pretty much have searched most of the areas where you can drill, baby, drill. So all of this claim they're going to be millions and more barrels that are going to be extracted each day was always a lie. But here's now what the oil companies want to do. They want to make sure that Donald Trump kills the electric vehicle industry. Kill all EVs, kill any kind of tax rebate programs, just kill EVs. Why? Because you can then artificially their view, inflate the demand for oil to match the supply. And they can make record profits if you take away future, the future of automobiles, which is ev. And so many of the new manufacturing plants that we've seen pop up in Michigan, Ohio, Wisconsin, elsewhere have been based on the growth of EV in America, leading the world in that. So you see General Motor shares down as well. You see Stellantis shares down as well. So I just referenced over here Trump throwing American autoworkers under the bus already and why Harold Hamm, an oil billionaire, has been discussing the 7,500 credit with Trump transition team. The growth of electric vehicles poses a threat to the oil and gas industry. And even though there's been more again oil drilling under Biden than in the history the United States and far more than under the first Trump administration, they want Congress to repeal the 7500 electric vehicle tax credit here. Steve Ratner reports. Researchers estimate that if Trump succeeds in repealing the electric vehicle tax credits, e vehicle sales could drop 27%. A major disruption to the American auto industry, which has invested heavily in the switch to electric, which also meant more jobs. America was leading the world in that. There's another article right here. Three auto stocks sliding on Trump tariff concerns. Shares of Ford, General Motors and Stellantis are all moving lower today. So all of those kind of Trump autoworkers, and I know a lot of people were wearing like the fake auto worker shirts, but a lot of autoworkers voted for Donald Trump against their interests, against their union, against their own contracts. You're likely going to be laid off, a higher probability of being laid off. And also any idea that you're going to get protection from the National Labor Relations Board, the nlrb. Look, Elon Musk two weeks ago was arguing with Jeff Bezos in front of the Supreme Court, rather in front of the Fifth Circuit. Eventually they're going to take it to the Supreme Court that the National Labor Relations Board doesn't even have authority to adjudicate cases that it really shouldn't even exist. So what do you think the Trump policy is going to be on the National Labor Relations Board where created by FDR was a forum for your grievances. Just going back to this article. The auto sector is taking a hit today after Donald Trump announced his latest tariff plans, which include the 25% tariff on goods from Mexico and Canada, higher than the proposed blanket tariff of up to 20% in all imports. Investors are considering the interdependence of the auto industry throughout North America, particularly the sale of auto parts through complex supply chains. Today we're taking a look at how the Detroit Big Three are faring after the news and they are down significant percentages. Also, European automakers also have big presences in United States in various states. They're suffering as well and they may have to shut down their factories. Also, what isn't talked about a lot but should because this is all interrelated because if the auto parts get more expensive, guess what also has to rise? Auto insurance. Because the insurance claims will be more expensive. So auto insurance goes up, which means your rates go up. So I did a previous video about how mortgage rates are now going up because of the Trump tariffs, but auto insurance is going to go up as well. This is from Bloomberg Business. Auto insurance is poised to become even more expensive under Donald Trump's plan to impose new tariffs on top US trading partners. Here's the story. About 60% of replacement parts to fix cars in the US are imported, so that will be impacted by the tariffs. Trump announced more tariffs on US Trading partners this week. Auto insurance is poised to become even more expensive under President Elect Donald Trump's plan to impose new tariffs on the top US Trading partners. That's the thing too. These are our partners. These are our allies. So Trump's Day one move is let's screw Canada and Mexico. Our top trading partners goes on to say about 60% of replacement parts used to repair cars in the US are imported mainly from Mexico, China and Canada, said Bob Passmore, a vice president and for the American Property Casualty Insurance Association. New tariffs would increase the cost of parts, which account for about 40% of the average total repair bills borne by insurers and would prompt them to eventually increase rates, he said. A broad tariff on auto parts would create a problem. It would definitely have an impact, passmore said in an interview. Ultimately, the cost of claims is the primary driver of what we pay for insurance. In 2023, the average premium jumped about 20% on average, according to the Insurance Information Institute. We've dealt with inflation and auto parts and skilled labor since the supply chain tightening during COVID which Donald Trump was responsible for. Jerry Theodore, director of finance, Insurance Trade Policy of Our street, said those subcomponents of inflation have abated only recently. But we can expect now that the ripple effects from potential tariffs could weigh even more on the budgets of car owners, as long repair times may force them to rent vehicles. Sometimes a lot of people don't carry rental reimbursement coverage and so they pay for those out of their own pocket. So expect the rates to go up there as well.
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I previously reported how the president of Mexico, Claudia Sheinbaum, wrote a letter to Donald Trump warning that they'll impose retaliatory tariffs. Here's what she says specifically about automakers. She goes for every tariff, there will be a response in kind until we put at risk our shared enterprise. You see what she's saying there? That's the threat. For every tariff, there will be a response in kind until we put at risk our shared response. You screw us, we're screwing you. We're going to go right and back at you she goes, say yes. Shared. For instance, among Mexico's main exporters to the United States are General Motors, Stellantis and Ford, which arrived in Mexico 80 years ago, 80 years ago. Why impose a tariff that would jeopardize them? Such a measure would be unacceptable and would lead to inflation and job losses in both the United States and Mexico. Here's this guy right here who you've seen the MAGA host on MSNBC here. One of the things, his name is Joe Kiernan. One of the things that he's saying too now, he's like, don't a lot of things have to now fall into place the right way if we don't want to get inflation to go back up right now? I mean, this was Donald Trump's biggest champion. Listen to what he's saying here. Here, play this clip.
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You think that with all these different crosscurrents that were, you know, tariffs were announced or on day one, he's going to try and do some of these things?
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Yeah, but did you read what he announced and why?
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I think this is very important.
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Important. Yeah.
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With immigration and fentanyl and immigration. I got it. So what are you saying with all these. I'm just wondering. And with, you know, Scott Besson said he's going to get the tax cuts extended and do the no tax on tips, do all this. Don't a lot of things have to go right for us not to reignite inflation and scare the bond market? And wouldn't you, I'm surprised the bond market keeps, it's very strange. A 10 year yield keeps going down because it's supposed to be at 5% by now from fear of Trump.
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No, Think of this.
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One of the things we've also seen throughout the past four years or even before. But it's just the lies that are used. Let me just show you the anatomy here of some of the ways that the MAGA Republicans use to attack EVs, but you're ultimately attacking America's because you're attacking workers at EV plants by lying. So this is just a total lie. This post by Michael Rowley, because these lies just spread like wildfire. On Twitter, Pete Booted Edge will leave his post as Transportation secretary having spent $7.5 billion to build eight EV charging stations. So then Don Jr goes does not seem like a great return on investment, but hey, checked a woke box, so it's totally worth it. So now that spreads like wildfire, right? Like that's everywhere. That becomes the story. So Pete Buttigieg has to respond. Secretary of Transportation. Okay, that tweet is false. Like that's just a lie. So then Elon Musk chimes in and goes, well, please post the rebuttal then community notes will take care of the rest. In other words, once the lie spreads, then you disprove the lie and then we'll put a community note once. All right, when media has memed it and Fox has talked about it and everyone's talking about it. So Pete Buttigieg responds. He goes to start with 7.5 billion has not been spent nor anything like that. That's the entire program budget for the NEVI program, which is to help build out the national charging network by 2030. Secondly, there are chargers now operational in nine states, which does not mean nine chargers. To be clear, these are only the first handful, though most are to be built in the second half of the decade because it's a plan through 2030. Third, in this program, the charges are built by the states, not the federal government. And while it takes time to get a novel multi billion dollar program growing across 50 states, the states are on track. For anyone interested in this program and where the chargers are going, here is further data and a map. And then Elon Musk responds. Oh, this is helpful to understand. But meanwhile, there was just a total attack on the EV industry. Let me leave you with some of these images right here. This is what President Biden Posted back on November 13th of 2023. Instead of lower wages, the United Auto Workers won record gains. Instead of fewer jobs, the United Auto Workers won a commitment for thousand more jobs. Instead of less involvement in investment, the United Auto Workers encouraged American automakers to invest $40 billion in the American auto industry. It is a big deal. Biden walked on the picket lines. In contrast, Donald Trump paid $20,000 to a non you union shop and pretended it was a union shop and had people who weren't even autoworkers wear shirts that say autoworkers for Trump. But nonetheless, it worked. There was a lot of autoworkers who voted for Trump against their own interests and we're seeing that now. But I'll leave you with this. Sean Fain, the president of the United Auto Workers union and here's what he has to say. He says Donald Trump is a scab and doesn't know shit about the auto industry. Listen to what President Shawn Fain had to say. Play this clip.
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That's right. You know, every time Donald Trump gets a chance, he trashes our union and he trashes the working class. He comes to Michigan, he talks about he's going to bring back the auto industry. Let me tell you something. Donald Trump doesn't know shit about the auto industry.
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You know, So I leave you with that. It's. It's wild to me that people would literally vote against their jobs. But you know, we're super. We're seeing it now. I don't take pride in that. I don't want to gloat, just the reality. Anyway, thanks for watching. Hit subscribe let's get to 4 million subscribers together.
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Love this video. Make sure you stay up to date on the latest breaking news and all things Midas by signing up to the Midas touch newsletter@midestouch.com newsletter.
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