
Trump is taking aim at electric vehicles. He may not have the power to change things all that much
CNN
President Donald Trump took aim at federal and state support for electric vehicles on his first day in office. But it’s not clear he has the power he’s claimed on the topic.
President Donald Trump took aim at federal and state support for electric vehicles on his first day in office. But it’s not clear he has the power he’s claimed on the topic. In his executive order, Trump said he was eliminating the “electric vehicle mandate.” But there has never been a federal mandate that prohibited Americans from buying gasoline-powered cars, as he claimed in his inaugural address. And it’s not clear whether the specifics in the executive order can be accomplished through a stroke of his pen alone. It could take congressional action to roll back some of the measures he wants eliminated, and other actions are certain to spur a prolonged court battle. And even if all of it were legal and possible, automakers are likely to plow forward with EV efforts anyway. The order seeks to end the federal support in recent years for electric vehicles. This includes a $7,500 tax credit for buyers of EVs that was passed by Congress and signed into law in 2022, along with federal support for vehicle-charging stations and low interest loans for traditional automakers building new plants to build EVs and the batteries they need. But this federal support for EVs was part of a 2022 law that may require congressional action to change, although the details of the tax credit were set by the Internal Revenue Service, not Congress.

President Donald Trump and his advisers said this was the plan all along: Scare the bejesus out of the world by announcing astronomically high tariffs, get countries to come to the negotiating table, and — with the exception of China — back away from the most punishing trade barriers as America works out new trade agreements around the globe.

If paying $1,000 for a new iPhone already sounded expensive, consumers should brace for even greater sticker shock later this year. President Donald Trump’s tariffs on foreign goods – specifically those sourced from China – are expected to heighten the prices of everyday tech products, from iPhones to laptops, cars and even smaller gadgets like headphones and computer mice.

The US stock market, fresh off its third-best day in modern history, is sinking back into reality: Although President Donald Trump paused most of his “reciprocal” tariffs, his other massive import taxes have already inflicted significant damage, and the economy won’t easily recover from the fallout.