ASX 200 nudges up as major report emerges US President Donald Trump will roll back automotive tariffs
The market has risen more than 2.5 per cent over the past five days to completely undo losses incurred since the US President's 'Liberation Day' announcements that rattled global markets.
Since the ASX opened on Tuesday, Boss Energy has jumped more than six per cent and Beach Energy is up 3.9 per cent.
It has been reported Trump is expected to soften the impact of automotive tariffs in a major boon for US consumers and local car manufacturers.
The Wall Street Journal report noted the US President will prevent levies from stacking on top of one another, such as tariffs on aluminium and steel.
"President Trump is building an important partnership with both the domestic automakers and our great American workers," Commerce Secretary Howard Lutnick said in a statement.
"This deal is a major victory for the President's trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing.'
This news followed a mixed result on Wall Street where the Dow Jones rose 0.3 per cent, the S&P 500 added 0.1 per cent and the Nasdaq fell 0.1 per cent.
London's FTSE 100 nudged up 0.3 per cent, Germany's DAX rose 0.1 per cent and the EURO STOXX 50 Index jumped 0.3 per cent.
New Zealand's NZX 50 Index has dropped 0.3 per cent since opening on Tuesday.
More to come.
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