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As President Donald Trump‘s auto tariffs pulled the markets down on Wednesday, he shrugged off the selloff worries, saying that markets can “take care of itself”.
What Happened: During the press briefing on Wednesday, Trump was asked about the market fall after a three-day advance as the newly introduced auto tariffs stoked another round of decline in the equities.
Responding to the question, Trump said that he wants to “see jobs” and he wasn’t concerned about the stock market.
“That can take care of itself in one day, two days, or one week,” he added.
After Wednesday, the Nasdaq 100 slipped into the correction zone again as it fell 10.38% from its 52-week high, while the S&P 500 index was 7.08% lower from the record levels. Dow Jones, on the other hand, was 5.81% down from its 52-week high.
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Why It Matters: New auto tariffs starting April 3 aim to generate $100 billion annually and spur U.S. manufacturing, reducing reliance on global supply chains, the Associated Press reported.
President Trump stated, “This will continue to spur growth.” However, American automakers using global components may face higher costs and lower sales. The administration counters that automakers have excess capacity for domestic production and were aware of potential tariffs. Under USMCA, the 25% tariff affects only non-U.S. content in autos and parts from Mexico and Canada.
Earlier this month, President Donald Trump did not rule out the likelihood of a recession and said the economy was in a "period of transition."
Here is the list of automotive ETFs to keep an eye on.
| Automobile ETFs | YTD Performance | One Year Performance |
| First Trust S-Network Future Vehicles & Tech ETF (NASDAQ:CARZ) | -0.39% | -2.56% |
| abrdn Physical Palladium Shares ETF (NYSE:PALL) | 5.97% | -2.60% |
| Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) | -2.43% | -8.84% |
| Global X Lithium & Battery Tech ETF (NYSE:LIT) | 0.47% | -11.21% |
| KraneShares Electric Vehicles and Future Mobility (NYSE:KARS) | 5.82% | -1.68% |
Price Action: The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Thursday. The SPY advanced 0.039% to $568.81, and the QQQ fell 0.11% to $483.86, according to Benzinga Pro data.
On Wednesday, SPY declined 1.19% to $568.59, and the QQQ dropped 1.84% to $484.38, according to Benzinga Pro data on Wednesday.
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