President Donald Trump is partly stepping back from <a href="https://www.benzinga.com/news/25/03/44143647/trump-considering-tariff-relief-for-mexico-canada-commerce-secretary-lutnick-says">his tariffs on Mexico and Canada</a> by pausing levies on automobile manufacturers&#8217; imports, including Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>).



What Happened: Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-03-05/us-weighs-one-month-delay-of-auto-tariffs-on-canada-mexico">reported</a> on Wednesday that Trump had indeed made an exemption for the automotive industry after talking to industry leaders on Tuesday.



The tariffs on automakers were delayed by one month, similar to Trump&#8217;s <a href="https://www.benzinga.com/government/regulations/25/02/43440692/us-mexico-agrees-on-one-month-tariffs-pause-stocks-rebound-peso-rallies">delay in February</a>.



&#8220;Reciprocal tariffs will still go into effect on April, 2, but at the request of the companies associated with USMCA [United States–Mexico–Canada Agreement], the president is giving them an exemption for one month so they are not at an economic disadvantage," White House press secretary Karoline Leavitt said.



Why it Matters: Experts say that tariffs impacting automakers could leave consumers <a href="https://www.benzinga.com/25/03/44119668/trump-tariffs-could-make-your-next-car-12000-more-expensive-expert-says-25-fees-will-have-a-sharp-negative-effect">paying substantially more</a> for vehicles and sink automotive sales. Tariffs are taxes paid by domestic importers that are often passed along to consumers in the form of price hikes.



Trump has long championed tariffs as a means to bring back manufacturing jobs to the United States. Many economists are <a href="https://www.benzinga.com/news/25/02/43649264/mohamed-el-erian-says-trumps-uncooperative-tariff-play-can-benefit-america-but-could-lead-to-welfare-losses-in-long-term">skeptical of Trump&#8217;s plans</a> and believe tariff policies could lead to stagflation. While the U.S. economy specialized in manufacturing throughout the 20th century, the U.S. has recently dominated services industries.



Automotive manufacturers, including Ford, GM and Stellantis, offshored much of their production to other countries to reduce labor costs. All three OEMs have struggled in recent years, particularly Stellantis whose stock has fallen over 50% in the past year.



Price Action: The Big Three automakers saw upward price action on Wednesday following the news:



<ul>
<li>Shares of Ford traded up 4.6%</li>



<li>Shares of General Motors traded up 6%</li>



<li>Shares of Stellantis traded up 8.3%</li>
</ul>



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth">US Services Sector Unexpectedly Expands In February Despite Slowing Job Growth</a></li>
</ul>



Photo: Shutterstock

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Trump Delays Ford, GM, Stellantis Tariffs On Mexico, Canada For One Month

The Federal Reserve's Beige Book released Wednesday showed a slight increase in overall economic activity since mid-January, with six Districts reporting no change, four reporting modest or moderate growth and two noting slight contractions. However, consumer spending decreased while price sensitivity for discretionary items increased, particularly among <a href="https://www.benzinga.com/general/market-summary/25/02/44015237/pending-home-sales-crash-to-record-low-jobless-claims-soar-wall-street-reacts">lower income consumers.&nbsp;</a>



Key Points from the national summary of all twelve Federal Reserve Districts:&nbsp;



<h3 class="wp-block-heading">Prices</h3>



Prices increased moderately in most Districts, with some reporting an uptick in the pace of increase. Input price pressures were generally greater than sales price pressures, particularly in manufacturing and construction.



<ul>
<li>Higher prices for eggs and other food ingredients impacted food processors and restaurants.</li>



<li>Substantial increases in insurance and freight transportation costs were widely reported.&nbsp;</li>



<li>Severe weather conditions weakened demand for leisure and hospitality services and vehicle sales were modestly lower on balance.&nbsp;</li>
</ul>



Read Next: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



<h3 class="wp-block-heading">Sector-Specific Trends</h3>



<ul>
<li>Manufacturing activity showed slight to modest increases across most Districts.</li>



<li>Banking activity was slightly higher on balance.</li>



<li>Residential real estate markets were mixed, with ongoing inventory constraints.&nbsp;</li>



<li>Construction activity declined modestly for both residential and nonresidential units.</li>



<li>Agricultural conditions deteriorated in the Fed's 12 Districts. </li>
</ul>



<h3 class="wp-block-heading">Labor Markets&nbsp;</h3>



<ul>
<li>Employment increased slightly overall, with four Districts reporting a slight increase, seven reporting no change and one reporting a slight decline.</li>



<li>Labor availability improved for many sectors, though some targeted areas remained tight.</li>



<li>Wage growth slowed slightly, occurring at a modest-to-moderate pace.&nbsp;</li>
</ul>



<h3 class="wp-block-heading">Market Reactions</h3>



Markets showed little reaction to the Beige Book release, instead recovering some of the week's losses after President Donald Trump said he will delay auto tariffs for one month.&nbsp;



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, was up 1.17% at $583.62 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100 index, was up 1.43% at $502.62 at the time of publication.&nbsp;&nbsp;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

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Fed's Beige Book Shows Slight Growth: Consumer Spending Slips As Prices Rise

A Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) analyst lowers the price target on the stock due to weaker than expected demand in <a href="https://www.benzinga.com/news/global/25/03/44128646/tesla-sales-drop-in-europe-in-february-some-countries-down-over-40-is-musks-political-push-hurting-ev-company">regions like Europe.</a>



The Tesla Analyst: Goldman Sachs analyst Mark Delaney maintained a Neutral rating on Tesla and lowered the price target from $345 to $320.



Read Also: <a href="https://www.benzinga.com/trading-ideas/25/02/43447273/tesla-sales-drop-12-in-california-is-elon-musks-support-for-donald-trump-hurting-ev-sales">Tesla Sales Drop 12% In California: Is Elon Musk&#8217;s Support For Donald Trump Hurting EV Sales?</a>



The Analyst Takeaways: Broad demand trends for electric vehicles and lower demand seen in Europe will lead to lower delivery estimates for Tesla, Delaney said in a new investor note.



"We continue to expect Tesla to face difficult fundamental conditions in the near-term, and our EPS estimates are below the Street for 2025," he said.



The analyst said Tesla's earnings growth will improve over the longer-term thanks to software revenue like FSD.



Lower deliveries in the first quarter according to reports are likely the result of the Model Y transition and overall weaker demand, Delaney said.



Delaney expects deliveries to be stronger in March with the refreshed Model Y ramp.



The analyst's first quarter delivery estimate drops from 399,000 units to 375,000 units based on the new data, including a 40% year-over-year decline in Europe in January. For the full fiscal year, Delaney estimates Tesla's deliveries at 1.91 million, down from a previous estimate of 1.96 million.



Consumer survey data shows lower scores for Tesla on brand value and trust in recent months, the analyst noted.



Delaney sees tougher competition for Tesla in China, while highlighting the positive of FSD recently being released in the country. The analyst said Tesla rivals are releasing similar software without consumers needing to purchase an additional package in China, which could make it harder for the company to monetize FSD in the country.



TSLA Price Action: Tesla stock is trading at $271.61 on Wednesday versus a 52-week trading range of $138.80 to $488.54. Tesla stock is down 28.4% year-to-date in 2025.



While Tesla stock previously soared after Donald Trump won the 2024 presidential election, the stock is back to nearly where it was after the victory.



Tesla stock closed at $251.44 on Nov. 5 and opened for trading at $284.67 on Nov. 6 after Trump&#8217;s victory was announced.



With its price of $271.61, Tesla stock is also getting closer to a 50% drop from its all-time high reached in December.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/politics/25/02/43880789/elon-musk-approval-rating-hits-41-voters-not-impressed-with-doge-work-and-calls-to-eliminate-departments">Elon Musk Approval Rating Hits 41%: Voters Not Impressed With DOGE Work And Calls To Eliminate Departments</a></li>
</ul>



Photo: Shutterstock

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TSLA

Tesla Stock Nears 50% Drop From All-Time Highs: Analyst Says 'Difficult Fundamental Conditions' Ahead

The U.S. services sector expanded in February 2025 with all four main subindexes expanding for the third consecutive month. However, concerns persist around the impact of tariffs and<a href="https://www.benzinga.com/news/econ-s/25/03/44140282/private-employment-rises-by-77000-in-february-well-below-144000-forecast-hiring-hesitancy-among-employers"> federal spending cuts.&nbsp;</a>



The Details: The ISM Services PMI unexpectedly increased to 53.5% in February 2025, up from 52.8% in January and beating forecasts of 52.6%, as tracked by Trading Economics. 



Key highlights from the February 2025 Services ISM <a href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/february/">Report On Business</a> include:



<ul>
<li>Business Activity Index slightly decreased to 54.4%</li>



<li>New Orders Index rose to 52.2%</li>



<li>Employment Index expanded to 53.9%</li>



<li>Prices Index increased to 62.6%, marking the third consecutive reading above 60%</li>



<li>Inventories Index returned to expansion at 50.6%</li>



<li>Backlog of Orders Index entered expansion territory at 51.7%</li>
</ul>



Read Next: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



&#8220;Slightly slower growth in the Business Activity Index was more than offset by growth in the other three subindexes. Anxiety continues; however, over the potential impact of tariffs. Some respondents indicated that federal spending cuts are having negative impacts on their business forecasts,&#8221; ISM Chair Steve Miller said. 



<h3 class="wp-block-heading">Labor Market In the Services Sector</h3>



The labor market in the services sector dropped significantly in February, adding only 36,000 jobs compared to 190,000 jobs in January.&nbsp;



The ADP National Employment Report released Wednesday showed<a href="https://www.benzinga.com/news/econ-s/25/03/44140282/private-employment-rises-by-77000-in-february-well-below-144000-forecast-hiring-hesitancy-among-employers"> the sector </a>was led by jobs in leisure/hospitality, professional/business, and financial while job losses occurred in trade/transportation/utilities, education/health and information.



<h3 class="wp-block-heading">Market Reactions</h3>



All three major indices were green in early trading Wednesday as markets awaited further developments regarding trade policies with Canada and Mexico. 



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, was up 0.38% at $579.05 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100 index, was up 0.33% at $497.19 at the time of publication.&nbsp;&nbsp;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

US Services Sector Unexpectedly Expands In February Despite Slowing Job Growth

The three major indices were mostly flat in midday trading Wednesday with the S&amp;P 500 and Nasdaq slightly under the flatline and the Dow Jones<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44143660/howard-lutnick-says-president-definitely-thinks-theres-a-bitcoin-strategic-reserve"> up 39 points.&nbsp;</a>



Wall Street digested mixed economic data after the ISM Services PMI<a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth"> price index indicated</a> strong growth in the services sector, but the ADP employment report came in well below forecasts and added the fewest jobs in seven months. 



Traders awaited further <a href="https://www.benzinga.com/news/25/03/44143647/trump-considering-tariff-relief-for-mexico-canada-commerce-secretary-lutnick-says">developments on trade policy</a> after Commerce Secretary Howard Lutnick appeared on Bloomberg Television on Wednesday. Lutnick said President Donald Trump would likely make a decision on possible tariff relief for Mexico and Canada Wednesday afternoon.



Read Next: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



The yield on the 10-year US Treasury note was at 4.23% on Wednesday, trimming declines from the morning after expansion in the services sector, reflected by the ISM PMI easing concerns on lower growth. However, yields remained near four-month lows touched earlier in the week.  The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.24%.  



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up 1% on Wednesday, and up nearly 5% on the week, as investors look forward to President Trump's White House crypto summit on Friday.&nbsp;



<h2 class="wp-block-heading">Wednesday's Performance In Major U.S. Indices, ETFs</h2>



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1 day % chg.</td></tr><tr><td>Nasdaq 100</td><td>18,207.74</td><td>-0.43%</td></tr><tr><td>S&amp;P 500</td><td>5,756.29</td><td>-0.38%</td></tr><tr><td>Dow Jones</td><td>42,470.06</td><td>-0.12%</td></tr><tr><td>Russell 2000</td><td>2,075.09</td><td>-0.21%</td></tr></tbody></table></figure>



According to Benzinga Pro data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was down 0.43% at $574.36. </li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was down 0.14% at $424.98. </li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;fell 0.58% to $492.67. </li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>)&nbsp;slid 0.59% to $205.22. </li>



<li>The&nbsp;Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)&nbsp;was down 0.19% to $207.85. </li>



<li>The&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;was down 3.31% to $84.09. </li>
</ul>



<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers:&nbsp;</h2>



Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) shares plunged Wednesday after the company&#8217;s weak outlook overshadowed its <a href="https://www.benzinga.com/news/earnings/25/03/44142510/abercrombie-q4-earnings-beat-overshadowed-by-cautious-q1-outlook-stock-plunges">better-than-expected</a> fourth-quarter results. The company said it expects first-quarter EPS in the range of $1.25 to $1.45 versus the $2.01 estimate.



Stocks reacting to company earnings reports included:&nbsp;



<ul>
<li>ChargePoint Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) <a href="https://www.benzinga.com/quote/chpt" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/chpt" target="_blank" rel="noreferrer noopener"></a></li>



<li>Ross Stores, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) </li>



<li>Rigel Pharmaceuticals, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIGL#NASDAQ">RIGL</a>) </li>



<li>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) &nbsp;</li>



<li>Box, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOX#NYSE">BOX</a>) </li>



<li>Sociedad Quimica y Minera S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQM#NYSE">SQM</a>) </li>



<li>AeroVironment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>)</li>



<li>Stem, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STEM#NYSE">STEM</a>) </li>



<li>Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>)</li>



<li>Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) </li>



<li>Arbe Robotics Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARBE#NASDAQ">ARBE</a>) </li>
</ul>



Companies reporting after Wednesday&#8217;s closing bell include:&nbsp;



<ul>
<li>Grindr Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRND#NYSE">GRND</a>) </li>



<li>LendingTree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>) </li>



<li>MongoDB, Inc. (NAS+DAQ:MDB) </li>



<li>Rigetti Computing, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) </li>



<li>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) </li>



<li>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) </li>



<li>Victorias Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) </li>



<li>Fortuna Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) </li>
</ul>



Read Next:<a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying" target="_blank" rel="noreferrer noopener">&nbsp;</a>



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying" target="_blank" rel="noreferrer noopener">Markets Tank After Trump Confirms More Tariffs: Here's What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

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Wall Street Awaits Trump's Tariff Decision, Digests Mixed Economic Data: What's Driving Markets Wednesday?

The first two months of the Trump Administration have seen back-and-forths within the Executive Branch on the timing and magnitude of the United States&#8217;s <a href="https://www.benzinga.com/government/regulations/25/02/43440692/us-mexico-agrees-on-one-month-tariffs-pause-stocks-rebound-peso-rallies">tariffs on its neighbors</a> Mexico and Canada. The administration appears set to roll back some of the tariffs <a href="https://www.benzinga.com/markets/25/03/44117288/after-china-mexico-to-hit-back-against-trumps-tariffs-raising-trade-war-risks">placed on Tuesday</a>.



What Happened: Commerce Secretary Howard Lutnick <a href="https://www.bloomberg.com/news/articles/2025-03-05/trump-to-decide-on-canada-mexico-relief-today-lutnick-says">appeared</a> on Bloomberg Television on Wednesday to discuss the status of Trump&#8217;s tariffs. Lutnick says Trump will make his decision on tariffs on Wednesday afternoon.



"There are going to be tariffs, let's be clear, but what he's thinking about is which sections of the market that maybe he'll consider giving them relief until we get to, of course, April 2," Lutnick said. "I think it is going to be in the middle somewhere."



In particular, the administration could reduce tariffs on automobiles. Experts say&nbsp;tariffs could <a href="https://www.benzinga.com/25/03/44119668/trump-tariffs-could-make-your-next-car-12000-more-expensive-expert-says-25-fees-will-have-a-sharp-negative-effect-on-auto-sales">increase car prices</a> by up to 25%.



Lutnick says the administration will place reciprocal tariffs on the rest of the world on April 2.



Why it Matters: This is not the first time Trump's tariff plans have shifted from his initial proposals. In February, Trump announced tariffs against Mexico and Canada but then <a href="https://www.benzinga.com/government/regulations/25/02/43440692/us-mexico-agrees-on-one-month-tariffs-pause-stocks-rebound-peso-rallies">delayed their enactment</a> until March.



Trump&#8217;s tariff policies have drawn criticism from some members of his party.



&#8220;US tariffs inevitably bring Canadian, Mexican, and Chinese tariffs which means higher prices for lumber, steel, aluminum and more expensive homes and cars,&#8221; Sen. Rand Paul (R-KY) <a href="https://x.com/RandPaul/status/1896917724410069372">posted</a> on X on Tuesday.



Sen. Mitch McConnell (R-KY), former Senate Majority Leader, also <a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">denounced Trump&#8217;s tariff plans</a> as &#8220;bad policy.&#8221;



Others, such as Sen. Bernie Moreno (R-OH) see the short-term pain associated with the <a href="https://www.benzinga.com/news/large-cap/25/03/44121022/trumps-25-tariffs-on-auto-imports-are-worth-the-short-term-pain-says-ohio-gop-senator">tariffs as worth it</a> to curb immigration from U.S. neighbors.



Tariffs are taxes paid by American importers, and consumers often pay them in the form of price hikes. Consequently, many economists see tariffs as counterproductive.



Still, Trump&#8217;s policies have found support among unions, particularly the United Auto Workers.



&#8220;For 40 years, we've seen the devastating effects of so-called "free trade" on the working class&#8230; Tariffs are a powerful tool in the toolbox for undoing the injustice of anti-worker trade deals,&#8221; the union <a href="https://uaw.org/uaw-statement-on-new-tariff-action/">said</a> in a Tuesday statement. &#8220;We are glad to see an American president take aggressive action on ending the free trade disaster that has dropped like a bomb on the working class.&#8221;



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/econ-s/25/03/44140282/private-employment-rises-by-77000-in-february-well-below-144000-forecast-hiring-hesitancy-among-employers">Private Employment Rises By 77,000 In February, Well Below 144,000 Forecast: &#8216;Hiring Hesitancy Among Employers&#8217;</a></li>
</ul>



Photo: Andrew Harnik/Shutterstock.com

Economics

Trump Considering Tariff Relief For Mexico, Canada, Commerce Secretary Lutnick Says

Private employers created 77,000 new jobs in February, the smallest number in seven months and well below<a href="https://www.benzinga.com/news/econ-s"> forecasts of 140,000.</a>



The ADP National Employment Report, released Wednesday by Automatic Data Processing Inc., showed a significant slowdown in hiring ahead of Friday&#8217;s non-farm payrolls report from the Bureau of Labor Statistics. Economists expect the government report to show 160,000 new jobs.



Nela Richardson, ADP's chief economist, said: "Policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month. Our data, combined with other recent indicators, suggests a hiring hesitancy among employers as they assess the economic climate ahead."



Read More: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



<h3 class="wp-block-heading">The Details:&nbsp;</h3>



Goods-producing industries added 42,000 jobs, driven by hiring in construction and manufacturing.&nbsp;



Service-providing industries added 36,000 jobs, driven by Leisure and hospitality, which added 41,000 positions. This was offset by reductions of 33,000 in Trade/transportation/utilities and 28,000 in Education/health services. 



January's private employment growth was also revised upward from 183,000 to 186,000.&nbsp;



In February, pay gains showed stability overall. For individuals who changed jobs, year-over-year pay increases experienced a slight decrease, dropping from 6.8% in January to 6.7% in February. Meanwhile, pay gains for those who remained in their jobs remained unchanged at 4.7%.



<h3 class="wp-block-heading">Market Reactions:</h3>



The U.S. Dollar Index (DXY) – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>)&nbsp;– was down 0.58% minutes after the release.&nbsp;



Futures on major U.S. indices were mixed in premarket trading in New York. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.03% lower and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 0.24% by 8:25 a.m. ET.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

Futures

Private Employment Rises By 77,000 In February, Well Below 144,000 Forecast: 'Hiring Hesitancy Among Employers'

Tracy Jin, Chief Operating Officer of cryptocurrency exchange MEXC, on Wednesday attributed President Donald Trump's decision to include Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) and Ripple&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) in the <a href="https://www.benzinga.com/25/03/44107003/trump-faces-backlash-over-crypto-reserve-plan-from-bitcoin-supporters-including-his-own-dont-think-the-government-should-be-pumping-our-crypto-bags-with-taxpayer-money">U.S. strategic crypto reserve</a> to his businessman instincts, despite market skepticism and a subsequent Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price retreat.



What Happened: Unveiled on Sunday, the reserve—set to include Bitcoin, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), XRP, and Cardano—triggered a swift market reaction, with Bitcoin climbing from $85,000 to $95,000 before relinquishing all gains by Monday.



Jin pointed to Trump's business acumen as the <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44120900/donald-trumps-bitcoin-xrp-cardano-reserve-proposal-drives-wedge-in-crypto-industry">rationale behind the unexpected inclusion</a> of ADA and XRP alongside Bitcoin, Ethereum, and Solana.



"I think because Trump is a businessman," she said when asked why these lesser-established tokens were selected. "I think he must have a backhand logic, have some strategy to support these coins. Maybe the price is very low right now, maybe the cost is not very high." 



She suggested that Trump's approach might hinge on cost-efficiency or strategic positioning, though she admitted personal surprise at the choices, favoring Solana's robust ecosystem over ADA and XRP.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44117695/raoul-pal-predicts-extended-crypto-cycle-into-2026-bitcoin-solana-corrections-are-typical-volatility">Raoul Pal Predicts Extended Crypto Cycle Into 2026, Bitcoin, Solana Corrections Are Typical Volatility</a>



Why It Matters: The market's reaction to the reserve news has been turbulent.



Bitcoin's rally proved short-lived, a drop Jin tied <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44139160/trump-tariffs-stock-markets-crypto-reserve-what-key-themes-are-driving-crypto-markets">to macroeconomic pressures</a> rather than the reserve's composition alone.



&#8220;The fall was due to part of the uncertainty surrounding U.S. trade tariffs on a number of countries, including Mexico, Canada, and China,&#8221; she said.



She also noted that weak macroeconomic data—including the ISM Manufacturing Index missing expectations—added to investor concerns, leading to sell-offs in both traditional markets and cryptocurrencies.



Tech-heavy indices like the Nasdaq mirrored this decline, amplifying investor panic in riskier assets.



Jin remained cautiously optimistic about Trump's broader impact on crypto, contingent on clarity from the upcoming White <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">House Crypto Summit on Mar. 7.</a>



She highlighted the event's potential to solidify the reserve plan, stating, "If Trump announces that reserve statement has been confirmed, I think it's very good for the crypto industry." 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44110636/u-s-treasury-secretary-scott-bessent-signals-commitment-to-lower-interest-rates-in-2025-as-bitcoin-consolidates">U.S. Treasury Secretary Scott Bessent Signals Commitment To Lower Interest Rates In 2025 As Bitcoin Consolidates</a></li>
</ul>



Image: Shutterstock

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Trump's XRP, Cardano Inclusion In Crypto Reserve Proposal Could Be Result Of 'Businessman' Instincts, MEXC's Tracy Jin Says

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