Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Economy

Trump ‘Couldn’t Care Less’ If His Tariffs Hike Car Prices

On auto imports, special elections, and Volvo’s new CEO

Trump ‘Couldn’t Care Less’ If His Tariffs Hike Car Prices
Heatmap Illustration/Getty Images

Current conditions: Ice storms left more than 900,000 customers without power across Michigan, Wisconsin, and Indiana • The Table Rock Fire, which ignited in South Carolina more than a week ago, has jumped the border into North Carolina • Meteorologists are warning that unprecedented flooding in the Australian state of Queensland could go on for days.

THE TOP FIVE

1. Entire East Coast faces severe storm threats today

Nearly the entire East Coast faces the threat of severe weather today from a powerful storm system that has already left thousands of customers in central and midwestern states without electricity. Roughly 100 million people will be at risk of damaging winds, hail, and possible tornadoes through Monday evening as a cold front collides with unseasonably warm air to help fuel the system. Some 300 tornadoes have already been recorded in the first three months of 2025, nearly double the number from the same time last year.

Accuweather

2. Trump ‘couldn’t care less’ if tariffs hike car prices

President Trump told NBC News over the weekend that he “couldn’t care less” if the prices of cars go up in the U.S. due to his 25% tariffs on imported vehicles and parts. “I hope they raise their prices,” he added, “because if they do, people are going to buy American-made cars.” The vehicle tariffs are set to come into effect on April 3, and Bloombergreports that JPMorgan analysts expect auto prices to increase by 11% on average. “The impact for potential EV buyers is clear,” wrote Andrew Moseman for Heatmap. “New car prices will soar by thousands of dollars with Trump tariffs in place. That will be particularly troublesome for EVs, which are staring down the prospect of this administration trying to remove federal tax credits for Americans who buy electric. If you really want to get into an EV, the best bet might be to act right now before any of this madness takes effect in April.”

3. Florida gears up for special congressional elections

On the radar this week: There are two special elections tomorrow in Florida, one of which is looking surprisingly close. Democrats are hoping their candidate, Josh Weil, can flip Florida’s Sixth Congressional District, which is vacant after former Rep. Mike Waltz resigned to become national security adviser to President Trump. Weil has outraised his Republican opponent, State Senator Randy Fine, prompting concern within the GOP about the party’s razor-thin majority in the House. The other special election, for Florida’s First Congressional District, looks less competitive. As Heatmap’s Emily Pontecorvo and Jael Holzman report, the balance of the chamber has big implications for the fate of the Inflation Reduction Act as the House Ways and Means Committee debates which programs to keep and which to cut to pay for Republicans’ desired tax cuts.

4. Volvo ousts CEO Jim Rowan

Volvo CEO Jim Rowan is stepping down today and will be replaced on an interim basis by the company’s former CEO Håkan Samuelsson. The move “is somewhat surprising,” said Iulian Dnistran at InsideEVs, “seeing how last year, Volvo posted its best-ever sales, profits and revenue figures.” But Rowan recently warned of a “very challenging year” ahead as trade tensions rise. The company is expected to be hit hard by President Trump’s tariffs on imported cars, and the board is seeking a “steady hand” at the helm.

Samuelsson served in the role for about a decade leading up to 2022, before handing the reins to Rowan. Volvo’s share price has dropped by 66% over three years as the EV transition has progressed more slowly than anticipated. Last year the company abandoned its goal of selling only EVs by 2030 as demand lagged. “With fast-moving technological shifts, growing geopolitical complexity, and intensifying competition across regions, the board believes the company is best served by leadership with deep industrial experience, deep knowledge of our group, and a proven ability to execute in challenging environments,” Volvo said. Samuelsson will serve as CEO for two years as the company searches for a permanent replacement.

5. China discovers major oilfield in the South China Sea

China has discovered a large oilfield in the South China Sea with reserves of more than 100 million tons, according to the state news agency Xinhua. The Huizhou 19-6 oilfield sits off the coast of Shenzhen and is in very deep waters, which makes it harder to explore. China is looking to become more energy independent, and the discovery could curb its oil imports. The country’s demand for oil-based fuels has been declining in part because of its rapid transition to electric vehicles. But demand is still growing for oil that gets turned into plastics and textiles. “Oil demand for petrochemicals in China rose by almost 5% in 2024 as new plants came online, a trend that is expected to continue in the next few years,” according to the International Energy Agency.

THE KICKER

Fossil fuel emissions in the European Union fell by nearly 3% last year as the power sector moved away from coal. The decline was smaller than the 8.5% drop seen between 2022 and 2023.

Yellow

You’re out of free articles.

Subscribe today to experience Heatmap’s expert analysis 
of climate change, clean energy, and sustainability.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Economy

Tariffs Are Making Gas Cheaper — But Not Cheap Enough

Any household savings will barely make a dent in the added costs from Trump’s many tariffs.

Shipping containers.
Heatmap Illustration/Getty Images

Donald Trump’s tariffs — the “fentanyl” levies on Canada, China, and Mexico, the “reciprocal” tariffs on nearly every country (and some uninhabited islands), and the global 10% tariff — will almost certainly cause consumer goods on average to get more expensive. The Yale Budget Lab estimates that in combination, the tariffs Trump has announced so far in his second term will cause prices to rise 2.3%, reducing purchasing power by $3,800 per year per household.

But there’s one very important consumer good that seems due to decline in price.

Keep reading...Show less
Green
Electric Vehicles

There Has Never Been a Better Time for EV Battery Swapping

With cars about to get more expensive, it might be time to start tinkering.

A battery with wheels.
Heatmap Illustration/Getty Images

More than a decade ago, when I was a young editor at Popular Mechanics, we got a Nissan Leaf. It was a big deal. The magazine had always kept long-term test cars to give readers a full report of how they drove over weeks and months. A true test of the first true production electric vehicle from a major car company felt like a watershed moment: The future was finally beginning. They even installed a destination charger in the basement of the Hearst Corporation’s Manhattan skyscraper.

That Leaf was a bit of a lump, aesthetically and mechanically. It looked like a potato, got about 100 miles of range, and delivered only 110 horsepower or so via its electric motors. This made the O.G. Leaf a scapegoat for Top Gear-style car enthusiasts eager to slander EVs as low-testosterone automobiles of the meek, forced upon an unwilling population of drivers. Once the rise of Tesla in the 2010s had smashed that paradigm and led lots of people to see electric vehicles as sexy and powerful, the original Leaf faded from the public imagination, a relic of the earliest days of the new EV revolution.

Keep reading...Show less
Green
Energy

AM Briefing: Record Renewables Growth

On the shifting energy mix, tariff impacts, and carbon capture

Low-Carbon Sources Provided 41% of the World’s Power Last Year
Heatmap Illustration/Getty Images

Current conditions: Europe just experienced its warmest March since record-keeping began 47 years ago • It’s 105 degrees Fahrenheit in India’s capital Delhi where heat warnings are in effect • The risk of severe flooding remains high across much of the Mississippi and Ohio Valleys.

THE TOP FIVE

1. Estimated losses from recent severe U.S. storms top $80 billion

The severe weather outbreak that has brought tornadoes, extreme rainfall, hail, and flash flooding to states across the central U.S. over the past week has already caused between $80 billion and $90 billion in damages and economic losses, according to a preliminary estimate from AccuWeather. The true toll is likely to be costlier because some areas have yet to report their damages, and the flooding is ongoing. “A rare atmospheric river continually resupplying a firehose of deep tropical moisture into the central U.S., combined with a series of storms traversing the same area in rapid succession, created a ‘perfect storm’ for catastrophic flooding and devastating tornadoes,” said AccuWeather’s chief meteorologist Jonathan Porter. The estimate takes into account damages to buildings and infrastructure, as well as secondary effects like supply chain and shipping disruptions, extended power outages, and travel delays. So far 23 people are known to have died in the storms. “This is the third preliminary estimate for total damage and economic loss that AccuWeather experts have issued so far this year,” the outlet noted in a release, “outpacing the frequency of major, costly weather disasters since AccuWeather began issuing estimates in 2017.”

Keep reading...Show less
Yellow