1305 GMT - U.S. auto tariffs were expected, but they're still a negative for the earnings momentum of manufacturers, JPMorgan analyst Jose M Asumendi writes. President Trump confirmed the 25% tariff on cars imported from Europe, with the duties accounting for most of JPMorgan's 25% earnings cut to 2025 estimates across German carmakers and Stellantis. The bank's earnings cut doesn't include costs related to moving production or supplier content to the U.S. from Mexico, ramp-up costs, additional fixed costs or pricing measures. When it comes to imports from Mexico and Canada, JPMorgan is working on the assumption of a 25% tariff on the non-U.S. content within the United States-Mexico-Canada Agreement, but it's not yet clear which components will be subject to the tariff. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 09:05 ET (13:05 GMT)
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