Morning Business Report: Trump announces new tariffs targeting key industries

President Donald Trump has announced plans to impose tariffs on automobiles and pharmaceuticals, later expanding the list to include the lumber and semiconductor industries.

(NBC)- President Donald Trump has announced plans to impose tariffs on automobiles and pharmaceuticals, later expanding the list to include the lumber and semiconductor industries. This marks a shift from earlier reports suggesting the tariffs would be more targeted rather than broad-based. Additionally, Trump unveiled a plan to impose a 25% tariff on all countries purchasing oil and gas from Venezuela.

The National Highway Traffic Safety Administration (NHTSA) has launched an investigation into nearly 1.3 million Ford F-150 pickup trucks over reports of a faulty gear change that could cause wheel lock-ups. More than 130 consumer complaints have been filed, prompting regulators to assess the scope and severity of the issue and determine whether further action is necessary.

Stocks started the week on a strong note, buoyed by a softened tone on tariffs from the Trump administration. Investors welcomed indications that trade policies may not be as aggressive as previously feared.

A key measure of U.S. manufacturing declined in March as higher material costs, driven by tariffs, pressured factories. The report indicated that prices charged to manufacturers rose at the fastest pace since February 2023, fueled by tariffs and increased labor costs.

Sesame Street is undergoing a major transformation to avoid a nearly $40 million budget deficit. According to The New York Times, the show will move away from its traditional magazine-style format in favor of a more narrative-driven approach with added comedic elements, music, and animation. The nonprofit behind the iconic children’s program recently cut 20% of its staff following the end of a lucrative HBO partnership and the termination of grants under the Trump administration.