Industries Hit by Trump Tariffs About to Face Another Blow

Washington, D.C. — In less than a week, Trump’s tariffs have already wreaked havoc on the economy – sending the stock market into chaos and facing rebuke from economists and business leaders across the political spectrum. 

While Trump’s goal was to “bring manufacturing back” to the United States, the tariffs are likely to have the opposite effect, with the potential of decimating entire industries. And what’s worse – some of the industries likely to be hardest hit by the tariffs could face an even bigger blow if Republicans in Congress repeal the clean energy tax credits and grant programs from the Inflation Reduction Act to pay for their tax cuts for billionaires and corporations. 

From steel to autos to critical minerals – the next phase of Trump’s energy agenda could add insult to injury. 

Auto Manufacturing:

• Shot: “President Trump’s 25 percent tariffs on imported vehicles, which went into effect last week, are already sending tremors through the auto industry, prompting companies to stop shipping cars to the United States, shut down factories in Canada and Mexico and lay off workers in Michigan and other states.” – New York Times, 4/8/25

• Chaser: “On top of the import tariffs, Trump has threatened to abolish a tax credit for EV buyers. The double whammy could kill demand for EVs, and jobs along with it.” – Politico, 4/2/25

Batteries: 

• Shot: “How Trump’s Tariffs Could Hobble the Fastest-Growing Energy Technology” – New York Times, 4/3/25

• Chaser: “Princeton analysis: Killing IRA’s EV tax credits would decimate US EV, battery manufacturing” – Tech Brew, 4/7/25

Critical Minerals: 

• Shot: “Potential US copper tariffs seen costing domestic industry dearly” – Reuters, 2/26/25

• Chaser: “With lithium tax credits at risk, Nevada industry cautions ‘the market will devour us’” – Nevada Independent, 4/6/25

Grid Investments:

• Shot: “America’s power grid is due for some big investments. Tariffs could now make that much costlier.” – Wall Street Journal, 2/20/25

• Chaser: “Tax credit uncertainty could cause 84 percent of investors and 73 percent of developers to decrease their activity in clean energy, ACORE says. For example, among companies with over $1 billion in investments, 80 percent responded that they would significantly or moderately decrease their clean energy investment plans.” – Daily Energy Insider, 3/20/25

Steel:

• Shot: “Midwest Steel Supports Tariffs — Just Not Like This”- Bloomberg, 4/8/25

• Chaser: “Major steel project in JD Vance’s hometown on a list of Trump cuts to manufacturing industry” – CNN, 4/8/25