Trump signs an executive order imposing a 25% tariff on imported medium and heavy trucks.

On October 17th local time, US President Trump signed an executive order imposing a new 25% tariff on imported medium and heavy trucks and parts starting from November 1st. Trump said he will also impose a 10% tariff on imported passenger cars.

Previously, on September 25th, Trump announced that he would impose a 25% tariff on all imported heavy trucks starting from October 1st. On October 6th local time, Trump posted on his social media platform "Real Social" that from November 1st, 2025, all medium and heavy trucks imported from other countries and regions to the United States will be subject to a 25% tariff.

The American Chamber of Commerce has previously called on the US government not to impose new tariffs on heavy trucks. The American Chamber of Commerce pointed out that the top five heavy truck import source countries in the United States are Mexico, Canada, Japan, Germany, and Finland, "all of which are allies or close partners of the United States and do not pose a threat to US national security. According to data from the US Department of Commerce, the country imported nearly 245000 medium and heavy trucks last year, with a trade volume exceeding $20 billion.

On August 29th, the United States Court of Appeals for the Federal Circuit ruled that the law cited by Trump when approving tariffs on multiple countries did not grant him the power to levy taxes. The Trump administration submitted a document to the US Supreme Court on the evening of September 3, requesting that the ruling be overturned as soon as possible. The US Supreme Court previously announced that it will quickly review the legality of most of the tariffs imposed by the Trump administration and scheduled to hear oral arguments in the first week of November.

On October 15th local time, the Federal Reserve released a national economic situation survey report, which showed that overall economic activity has not changed much since the last report. Three regions reported slight to moderate growth in economic activity, five regions reported no change in economic activity, and four regions reported a slight slowdown in economic activity.

The report shows that in recent weeks, overall consumer spending, especially retail spending, has slightly decreased. During the reporting period, international travelers' demand for leisure and hotel services further declined, while domestic consumer demand remained relatively stable. Multiple reports indicate that in the face of rising prices and increasing economic uncertainty, low - and middle-income families continue to seek discounts and promotional activities.

Manufacturing activities vary by region, and most reports indicate that the situation is challenging due to increased tariffs and overall weak demand. The agricultural, energy, and transportation activities in various reporting regions have generally declined. The future economic growth prospects vary by region and industry. A few regions reported an improvement in market sentiment, with some respondents expecting demand to rebound in the next 6 to 12 months, but most still expect increased uncertainty to drag down economic activity. A regional report specifically pointed out the downside risks that long-term government shutdowns pose to economic growth.