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Electric Vehicles

As Trump’s Tariffs Sink In, the Fallout Begins
Economy

AM Briefing: Tariffs Sink In

On Wall Street’s wipeout, more severe weather, and hurricane season predictions

Climate

AM Briefing: Once-in-a-Lifetime Flooding

On once-in-a-lifetime bad weather, Trump tariffs, and Tesla’s shares

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Economy

AM Briefing: Liberation Day

On trade turbulence, special election results, and HHS cuts

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Energy

Renewable Energy Is Already Paying the Price for Copper Tariffs

They haven’t even been announced yet, but the idea that they will has sent prices soaring.

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

AM Briefing: Trump’s Car Price Confession

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

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EVs on an arrow.

Hyundai Has Incredible Timing

The South Korean automaker just opened an EV factory in Georgia. It’ll take a lot longer for others to catch up to Trump’s latest tariffs.

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Sparks

The IRS Is Taking Mercy on Electric Car Buyers

The tax agency reopened its online portal to allow dealerships to register sales retroactively.

The IRS building.
<p>Heatmap Illustration/Getty Images</p>

As recently as last month, some electric vehicle buyers were running into roadblocks when they tried to claim the EV tax credit on their 2024 returns. Their claims were rejected, it turned out, because the dealership where they bought their EV never registered the sale with the Internal Revenue Service.

On Wednesday, the IRS instituted a fix: It reopened the online portal for dealerships to report these sales retroactively.

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Politics

AM Briefing: Buckle Up, Auto Industry

On auto levies, NOAA’s new lawyer, and the future of FEMA

Trump Imposes 25% Tariffs on Imported Cars
<p>Heatmap Illustration/Getty Images</p>

Current conditions: South Korea’s massive wildfires have doubled in size in 24 hours • Fires are also spreading in North and South Carolina, consuming nearly 18,000 acres • A year’s worth of rain could fall over the next few days along the Texas Gulf Coast.

THE TOP FIVE

1. Trump imposes 25% tariffs on imported cars

President Trump on Wednesday announced new and “permanent” 25% tariffs on imported cars and car components. Automotive parts that are compliant with the United States-Mexico-Canada trade deal will be “tariff-free,” but only until the government figures out how to apply tariffs to their non-U.S. content. The move is meant to protect and strengthen the U.S. automotive sector, but will likely make cars significantly more expensive for American consumers. Nearly half of all cars sold in the U.S. last year were imported. One analyst estimates the tariffs could hike the cost of new cars by $5,000 to $10,000.

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