Sweden’s Volvo Cars, owned by China’s Geely, said it would increase its production of vehicles in the United States and probably produce an additional model there.
Trump says he wants to make the United States free from reliance on foreign manufacturers, in a massive economic reshaping that he likened to a medical procedure.
Amid howls of protest abroad, and even from some of Trump’s Republicans who fear price rises at home, Commerce Secretary Howard Lutnick urged patience.
“Let Donald Trump run the global economy. He knows what he’s doing,” Lutnick said on CNN.
Republican Senator Mitch McConnell broke ranks with Trump, slamming tariffs as “bad policy”.
Preserving long-term prosperity “requires working with our allies, not against them”, McConnell said.
Ngozi Okonjo-Iweala, head of the WTO, which helps manage global trading, warned the upheaval may lead to contraction of “one percent in global merchandise trade volumes this year”.