Trump has recently announced preliminary trade deals with Japan and other countries, and many of his paused "reciprocal" tariffs are set to resume next month.

General Motors on Tuesday said tariffs on cars and auto parts drove $1.1 billion in losses over three months ending in June. A day earlier, Jeep maker Stellantis said it expects to have suffered $2.7 billion in losses over the first half of 2025 due in part to U.S. tariffs.