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President Donald Trump speaks to reporters at the White House in Washington, DC, on January 30. Chip Somodevilla/Getty Images
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Trump in a message posted on Truth Social Sunday said, “We don’t need anything they have. We have unlimited Energy, should make our own Cars, and have more Lumber than we can ever use.” But America’s supply chains are reliant on its trading partners, and even for goods that could be grown or produced exclusively in the United States, the complex web of interconnected global trade cannot easily be unwound.
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Energy costs surged: US crude oil rose 2.3% and natural gas spiked 7%. Despite a lower 10% tariff on Canadian electricity, natural gas and oil exports to the United States, the energy industry said it will not be able to quickly or easily find alternate sources. Diesel and jet fuel costs in particular will rise, according to Angie Gildea, the US energy sector lead at accounting firm KPMG, adding costs to all shipped goods and air travel.
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Auto industry stock futures were particularly hard-hit, because virtually all American-made cars are manufactured at least in some part in Mexico or Canada — what was a free-trade zone. GM (GM) fell more than 6%, Jeep and Chrysler maker Stellantis (STLA) was down 5% and Ford (F) fell more than 3%.
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