European carmakers woke up to a market earthquake this week. For years they watched the Biden administration push impossible fuel economy rules that threatened to suffocate their American sales. But overnight, President Trump vaporized those mandates and handed global automakers the lifeline they were begging for.
And Wall Street wasted no time reacting.
Porsche roared more than 5 percent by mid morning on Thursday. Mercedes Benz and Volvo Car surged almost 4 percent. Renault jumped over 3 percent. Stellantis added another gain after already rallying 8 percent the day before. Investors made their message loud and clear. Trump just saved their industry from Biden’s regulatory chokehold.
Trump unveiled the decision from the Oval Office with automaker executives and lawmakers standing behind him. He left no confusion about why he was killing the mandate.
“We’re officially terminating Joe Biden’s ridiculously burdensome, horrible, actually, CAFE standards that impose expensive restrictions and all sorts of problems — gave all sorts of problems to automakers,” Trump said. “And we’re not only talking about here, we’re talking about outside of our country.”
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