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 Bloomberg reports 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
Spotlight

Data Center Support Plummets in Latest Heatmap Pro Poll

The proportion of voters who strongly oppose development grew by nearly 50%.

A data center and houses.
Heatmap Illustration/Getty Images

During his State of the Union address Tuesday night, President Donald Trump attempted to stanch the public’s bleeding support for building the data centers his administration says are necessary to beat China in the artificial intelligence race. With “many Americans” now “concerned that energy demand from AI data centers could unfairly drive up their electricity bills,” Trump said, he pledged to make major tech companies pay for new power plants to supply electricity to data centers.

New polling from energy intelligence platform Heatmap Pro shows just how dramatically and swiftly American voters are turning against data centers.

Keep reading...Show less
Yellow
Energy

Scoop: Energy Department Meeting With Utilities, Developers on Trump’s Nuclear Plans

The public-private project aims to help realize the president’s goal of building 10 new reactors by 2030.

Donald Trump.
Heatmap Illustration/Getty Images, Westinghouse

The Department of Energy and the Westinghouse Electric Company have begun meeting with utilities and nuclear developers as part of a new project aimed at spurring the country’s largest buildout of new nuclear power plants in more than 30 years, according to two people who have been briefed on the plans.

The discussions suggest that the Trump administration’s ambitious plans to build a fleet of new nuclear reactors are moving forward at least in part through the Energy Department. President Trump set a goal last year of placing 10 new reactors under construction nationwide by 2030.

Keep reading...Show less
AM Briefing

Southern Comfort

On nuclear tax credits, BLM controversy, and a fusion maverick’s fundraise

Chris Womack and Chris Wright.
Heatmap Illustration/Southern Company

Current conditions: A third storm could dust New York City and the surrounding area with more snow • Floods and landslides have killed at least 25 people in Brazil’s southeastern state of Minas Gerais • A heat dome in Western Europe is pushing up temperatures in parts of Portugal, Spain, and France as high as 15 degrees Celsius above average.

THE TOP FIVE

1. Energy Department gives Southern Company its largest-ever loan

The cooling towers for the two older reactors at Plant Vogtle.Pallava Bagla/Corbis via Getty Images

Keep reading...Show less
Blue