Welcome back. Casey is flying solo today as Ben is spending the day in downtown Manhattan listening in on Roman Storm’s criminal trial. Check back at Blockworks.co for updates there. 

Meanwhile, today’s edition looks at one of the main industries poised to be hit by tariffs: cars. Spoiler alert, it’s already feeling the heat. Here goes:

Auto evaluation

The Aug. 1 tariff deadline is quickly approaching, but automakers have already started to report they’re feeling the impact of higher levies. 

To recap the current state of auto tariffs: Foreign-made vehicles and car parts were hit with a 25% levy on Liberation Day. Then, earlier this month, President Trump slapped a 50% tariff (for most countries) on steel and aluminum. 

On Aug. 1, the tariff on foreign cars will increase to 30%. 

The status of negotiations with the European Union is a bit unclear. White House press secretary Karoline Leavitt said last week that the EU is “very eager” to pen a deal. She added that Trump is not open to moving back the Aug. 1 deadline. The comments come after the White House has continued to issue a series of delays and postponements when it comes to new trade policies. 

Okay, back to the impact current levies are having on automakers. 

Stellantis said on Monday that tariffs will contribute to an expected $2.7 billion loss. Direct tariff payments and loss on planned production resulted in an almost $350 million loss during the first six months of 2025. 

Stellantis — the parent company of Jeep, Chrysler and Fiat, among others — suspended financial guidance on April 30 in the wake of tariff announcements. 

The automaker giant’s announcement came via a preliminary and unaudited H1 preview report. Stellantis said it released the figures because analysts’ consensus forecasts and actual performance for the first six months of the year were so different. 

Stellantis’s final H1 report will be released next week. 

On the domestic front, General Motors this morning reported better-than-expected Q2 earnings, but added that tariffs had a $1.1 billion impact on Q2. This was in-line with expectations executives released earlier this year and the team still expects tariffs will cost the company $4 billion to $5 billion in 2025. 

GM said it’s hoping to mitigate at least 30% of its expected cost increases through manufacturing adjustments and other initiatives. Execs on Tuesday’s call said they were optimistic about this plan. 

We’ll be watching to see if a trade deal emerges, or if we’ll see another round of TACO-ing (the acronym, which stands for “Trump always chickens out,” that went mildly viral after the president once again walked back various trade policies throughout the spring).

— Casey Wagner

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📅 October 13-15 | London

This is the amount by which shares of Opendoor have rallied over the past month, as of 2 pm ET Tuesday. The stock has been trading under $1 for most of the year, but was the latest ticker to pique the interest of Reddit-reading retail investors. We’re getting whiplash from the GameStop frenzy of 2021.