Shares of industrial and transportation companies rose as major manufacturers warned of the toll tariffs were taking on their outlook.
President Trump softened the impact of his automotive tariffs, preventing duties on foreign-made cars from stacking on top of other tariffs he has imposed and easing some levies on foreign parts used to manufacture cars in the U.S.
General Motors, which did not seem to be aware of the administration's new plan, shelved its earlier profit guidance for 2025, saying auto tariffs have clouded the outlook.
United Parcel Service said it is cutting 20,000 operational positions this year, moving to slash expenses after breaking ways with Amazon.com, its biggest customer. UPS echoed other major corporations such as American Airlines by pulling its financial-growth projections for the year due to tariff-related uncertainty.
Industrial conglomerate Honeywell International tweaked its full-year earnings and sales projections to reflect uncertainty from the tariff war.
German sports-car maker Porsche cut its sales and profitability projections for the year, warning of hits from U.S. import tariffs.
Volvo Car said it would cut jobs as part of a cost-saving drive and withdrew its guidance for this year and next, as it anticipates tariffs and price pressures.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-29-25 1720ET
