US Supreme Court poised to revive challenge to California emissions standards

US Supreme Court poised to revive challenge to California emissions standards

Summary

  • Biden’s EPA let California set tougher emissions standards
  • Supreme Court limited EPA regulatory powers in prior cases

WASHINGTON, (Reuters) – U.S. Supreme Court justices appeared sympathetic on Wednesday to a bid by fuel producers to challenge California’s standards for vehicle emissions and electric cars under a federal air pollution law in a case involving the Democratic-governed state’s power to fight greenhouse gases. Continue reading “US Supreme Court poised to revive challenge to California emissions standards”

Trump administration opens national security probe into imported commercial trucks

Trump administration opens national security probe into imported commercial trucks

WASHINGTON, (Reuters) – The U.S. Commerce Department said on Wednesday it is opening a probe into national security impacts of imports of medium-duty and heavy-duty trucks and related parts into the United States.

The “Section 232” investigation could form the basis of grounds to impose new tariffs on work trucks, buses, vans and other larger vehicles. Continue reading “Trump administration opens national security probe into imported commercial trucks”

Exclusive: GM to increase production at Ohio transmission facility

Exclusive: GM to increase production at Ohio transmission facility

DETROIT, (Reuters) – General Motors is increasing production of transmissions at its Toledo, Ohio facility, shifting away from EV drive unit manufacturing toward parts for gasoline vehicles, the company confirmed Wednesday.

The transmission plant supports production of light-duty trucks made in Fort Wayne, Indiana, along with other facilities. Reuters first reported that GM would increase production at the Indiana assembly plant in early April after U.S. President Donald Trump announced 25% tariffs on auto imports. Continue reading “Exclusive: GM to increase production at Ohio transmission facility”

Delhi to roll out 76 electric buses under ‘DEVI’ initiative to boost last-mile connectivity

Delhi to roll out 76 electric buses under ‘DEVI’ initiative to boost last-mile connectivity

Source : PTI | In a boost to last-mile connectivity and sustainable transport, the Delhi government is set to roll out 76 electric buses from the Ghazipur depot starting Tuesday, transport department officials said. According to officials, the first batch of these 76 buses will operate from the Ghazipur depot under the Delhi Electric Vehicle Interchanges (DEVI) initiative.

The electric bus service is aimed at strengthening feeder connectivity to metro stations and major Delhi Transport Corporation (DTC) bus routes, with each vehicle expected to cover approximately 12 kilometres.

Continue reading “Delhi to roll out 76 electric buses under ‘DEVI’ initiative to boost last-mile connectivity”

Democratic state treasurers raise concerns over Musk’s lack of focus on Tesla

Democratic state treasurers raise concerns over Musk’s lack of focus on Tesla

(Reuters) – Treasurers of seven U.S. states have raised concerns about Tesla CEO Elon Musk’s lack of focus on the electric vehicle maker, given its significance in regional industries, innovation and employment.

Tesla deliveries plunged 13% in the first quarter due to backlash against Musk’s politics, as well as rising global competition and people waiting for a refresh of its highest-selling electric vehicle Model Y. Its stock has also fallen about 40% this year. Continue reading “Democratic state treasurers raise concerns over Musk’s lack of focus on Tesla”

Tesla shorts up $11.5 billion for the year with positioning bearish

Tesla shorts up $11.5 billion for the year with positioning bearish

(Reuters) – Tesla short sellers are up an estimated $11.5 billion for the year-to-date and positioning is bearish going into the electric vehicle maker’s quarterly results due after market close, according to the latest report from S3 Partners.

Tesla shares have tumbled 40% so far this year and analysts are expecting a weak report as January-March deliveries slid 13%, with market share losses to Chinese rivals, and brand damage stemming from CEO Elon Musk’s political work as part of the Trump administration. Continue reading “Tesla shorts up $11.5 billion for the year with positioning bearish”

FAW’s chairman says Hongqi targets 500,000 vehicle sales in 2025
Tesla CEO Elon Musk dreams big but often delivers late

Tesla CEO Elon Musk dreams big but often delivers late

(Reuters) – Tesla CEO and billionaire entrepreneur Elon Musk has a long history of making ambitious promises and often delivering late. Many of his biggest ideas are still in the works.

Musk has described himself as pathologically optimistic, saying he does deliver in the end, “which is the important thing”. His ambition and success with electric vehicles has turned Tesla into the world’s most valuable automaker. Continue reading “Tesla CEO Elon Musk dreams big but often delivers late”

Musk says Tesla’s Optimus humanoid robots affected by China’s export curbs on rare earths

Musk says Tesla’s Optimus humanoid robots affected by China’s export curbs on rare earths

(Reuters) – Tesla CEO Elon Musk said on Tuesday that the production of its Optimus humanoid robots had been affected by China’s export restrictions of rare earth magnets.

He said China wants assurances that its rare earth magnets are not used for military purposes, adding that the automaker is working with Beijing to get an export license to use rare earth magnets. Continue reading “Musk says Tesla’s Optimus humanoid robots affected by China’s export curbs on rare earths”

Musk, facing criticism and falling Tesla sales, to cut back DOGE work

Musk, facing criticism and falling Tesla sales, to cut back DOGE work

Summary

  • Musk to reduce time on government work, increase time on Tesla
  • Tesla faces uncertainty from tariffs and shifting global trade policies
  • Tesla’s auto revenue drops 20%, net profit falls 71% in Q1
  • Production ramp of affordable cars to be slower than expected – exec

(Reuters) – Tesla CEO Elon Musk said on Tuesday he would cut back significantly the time he devotes to the Trump administration from next month and spend more time running his many companies. Continue reading “Musk, facing criticism and falling Tesla sales, to cut back DOGE work”

China’s Nio delays Europe launch of Firefly EV to third quarter

China’s Nio delays Europe launch of Firefly EV to third quarter

SHANGHAI, (Reuters) – China’s Nio said on Tuesday it would launch its Firefly electric vehicle in Europe in the third quarter, later than initially forecast, after it underestimated challenges involved in sales and service network expansions in the region.

The company unveiled the Firefly brand in December as a rival product to Mercedes-Benz’s Smart and BMW’s Mini and said at the time it would launch it in Europe in the first half of this year. Continue reading “China’s Nio delays Europe launch of Firefly EV to third quarter”

Tesla’s affordable EV, robotaxis in focus after Musk backlash, competition hurt demand

Tesla’s affordable EV, robotaxis in focus after Musk backlash, competition hurt demand

Summary

  • Investors await affordable Tesla EV launch amid sales slump
  • Robotaxi plans face delays, safety concerns and tariff issues
  • Musk’s political involvement impacts Tesla’s brand and stock value

(Reuters) – Tesla investors will be eager to ask CEO Elon Musk two pressing questions when the electric vehicle maker reports results on Tuesday: when will the affordable vehicle launch, and is the robotaxi plan on schedule? Continue reading “Tesla’s affordable EV, robotaxis in focus after Musk backlash, competition hurt demand”

China’s CATL launches new sodium-ion battery brand

China’s CATL launches new sodium-ion battery brand

SHANGHAI, (Reuters) – China’s CATL on Monday launched a new brand for its sodium-ion batteries, Naxtra, which it said would go into mass production in December, and a second generation of its fast-charging battery for electric cars.

CATL became the first major automotive battery maker to launch a sodium-ion battery in 2021. Unlike other battery materials, sodium is cheap and abundant, and the chemistry has the potential to reduce fire risks in EVs, experts have said. Continue reading “China’s CATL launches new sodium-ion battery brand”

At China auto show, EV makers to grapple with autonomous-tech crackdown, launch Tesla ‘killers’

At China auto show, EV makers to grapple with autonomous-tech crackdown, launch Tesla ‘killers’

Summary

  • BYD, Geely, Volkswagen among brands to showcase models
  • Chinese regulators have tightened scrutiny on automated driving features
  • Several Chinese automakers expected to launch rivals to Tesla’s Model Y

SHANGHAI, (Reuters) – More than 70 Chinese and international automotive brands will showcase more than 100 new or refreshed models at the Shanghai auto show this week, intensifying already cutthroat competition in the world’s premier market for electric vehicles and hybrids. Continue reading “At China auto show, EV makers to grapple with autonomous-tech crackdown, launch Tesla ‘killers’”

FTC accuses Uber of misleading subscribers
Tesla settles wrongful death lawsuit claiming sudden acceleration in Ohio crash

Tesla settles wrongful death lawsuit claiming sudden acceleration in Ohio crash

(Reuters) – Elon Musk’s electric vehicle company Tesla has agreed to settle a wrongful death lawsuit filed by the estate of a man who was killed in 2021 after his Tesla crashed and caught fire near Dayton, Ohio.

Tesla and lawyers for the estate disclosed the settlement in a filing on Monday in federal court in San Francisco but did not reveal its terms. Continue reading “Tesla settles wrongful death lawsuit claiming sudden acceleration in Ohio crash”

SUV contribution rises to 68.5 pc of overall sales in FY25: Hyundai

SUV contribution rises to 68.5 pc of overall sales in FY25: Hyundai

Source : PTI | Hyundai Motor India on Monday said SUVs accounted for 68.5 per cent of its overall sales in the last fiscal year, registering a growth of 8 per cent as compared with the 2023-24 fiscal year. The company expects the SUV contribution to cross 70 per cent in one year.

For FY25, the automaker reported sales of 7,62,052 units as compared with 7,77,876 units in FY24.

Its domestic sales stood at 5,98,666 units while export shipments were at 1,63,386 units in the last fiscal year. Continue reading “SUV contribution rises to 68.5 pc of overall sales in FY25: Hyundai”

Marelli Showcases Forward-Looking Lighting Technology at Auto Shanghai 2025

Marelli Showcases Forward-Looking Lighting Technology at Auto Shanghai 2025

Summary

Solutions like the Pixel Rear Lamp, Near-Field Ground Projection, and the Thin Lit Line Headlamp define new frontiers in terms of intelligent interaction between vehicles and car design

Marelli, a global technology partner to the automotive industry, will showcase its latest automotive lighting innovations at Auto Shanghai 2025, from April 23 to May 2 at the Shanghai National Exhibition and Convention Center. At the booth characterized by the theme “Fast Forward. Forward Fast.” – located in Hall 1.2H, Stand 1BF009 – the highlights of Marelli’s innovations in automotive lighting technology will be the world’s first OLED TFT applied to the Pixel Rear Lamp, the Near-Field Ground Projection technology, and the revolutionary Thin Lit Line Headlamp. These solutions define new experiences for smart mobility and promote the evolution of automotive lighting through co-creation with customers. Continue reading “Marelli Showcases Forward-Looking Lighting Technology at Auto Shanghai 2025”

Tata Motors Sets New Record with Highest Patent Filings in FY25

Tata Motors Sets New Record with Highest Patent Filings in FY25

Driving the future of automotive excellence with 250 patent filings and 148 design applications

Tata Motors, India’s leading automobile company, has achieved a significant milestone in FY25 by filing 250 patents and 148 design applications — it’s highest-ever in a single year. These filings encompass a broad spectrum of product and process innovations, aligning with key automotive megatrends such as Connectivity, Electrification, Sustainability, and Safety (CESS), as well as emerging technologies like Hydrogen-Based Vehicles and Fuel Cells. Additionally, they cover various vehicle systems, including battery, powertrain, body and trim, suspension, brakes, HVAC, and emission control. The company also filed 81 copyright applications and secured 68 patent grants during the year, bringing its total granted patents to 918. Continue reading “Tata Motors Sets New Record with Highest Patent Filings in FY25”

South Korea’s Hyundai, Posco agree to cooperate on US steel plant

South Korea’s Hyundai, Posco agree to cooperate on US steel plant

SEOUL, (Reuters) – South Korea’s Hyundai Motor Group said on Monday that it has signed a memorandum of understanding with Posco Holdings for cooperation on its planned U.S. steel plant.

Posco will make an equity investment in Hyundai Motor Group’s steel factory project in Louisiana, the group said in a press release. Continue reading “South Korea’s Hyundai, Posco agree to cooperate on US steel plant”

Mamata Banerjee to lay foundation stone of JSW’s 1600 MW Salboni power plant on April 21

Mamata Banerjee to lay foundation stone of JSW’s 1600 MW Salboni power plant on April 21

Source : PTI | West Bengal Chief Minister Mamata Banerjee on Thursday said she will lay the foundation stone for a 1,600 MW super/ultra-supercritical thermal power plant at Salboni in Paschim Medinipur district on April 21 to be developed by JSW Energy Ltd.

The Rs 16,000 crore project, comprising two units of 800 MW each, was awarded to JSW Energy through a competitive bidding process conducted by the West Bengal Power Development Corporation Ltd (WBPDCL). The greenfield thermal power plant is scheduled for commissioning within five years. Continue reading “Mamata Banerjee to lay foundation stone of JSW’s 1600 MW Salboni power plant on April 21”

Auto exports rise 19%, cross 53 lakh units in FY25

Auto exports rise 19%, cross 53 lakh units in FY25

Source : PTI | New Delhi: Automobile exports from India rose by 19per cent to over 53 lakh units in the last 2024-25 fiscal year driven by robust demand for passenger vehicles, two wheelers and commercial vehicles in the overseas markets.

Overall exports last fiscal stood at 53.63 lakh (53,63,089) units as compared with 45 lakh (45,00,494) units in 2023-24 fiscal ending March 31, 2024. Continue reading “Auto exports rise 19%, cross 53 lakh units in FY25”

Buick finally had cars Americans wanted to buy – then came tariffs

Buick finally had cars Americans wanted to buy – then came tariffs

Summary

  • Three of Buick’s top-sellling vehicles are made in South Korea and China and subject to tariffs
  • Tariffs are expected to add thousands to the sticker price of the Envision, Encore, and Envista
  • Higher prices threaten Buick’s sales momentum and could threaten its survival

DETROIT, (Reuters) – General Motors’ Buick was on a roll. Sales for the once-stodgy brand were up 39% in the first quarter with a refreshed lineup of compact SUVs including the Envision, Encore GX, and the Envista, its top-selling SUV for under $30,000. Continue reading “Buick finally had cars Americans wanted to buy – then came tariffs”

Exclusive: Toyota weighs adding US production of new RAV4 in response to tariffs, sources say

Exclusive: Toyota weighs adding US production of new RAV4 in response to tariffs, sources say

Summary

  • Toyota originally planned to export new RAV4 to US from Canada and Japan -sources
  • US production of new RAV4 would start in 2027 if Toyota goes ahead with Kentucky plan -source
  • Toyota’s overall output in Canada likely to be maintained -sources
  • Trump’s tariffs prompt automakers to rethink supply chains

TOKYO, (Reuters) – Toyota is considering producing the next version of its top-selling RAV4 SUV in the United States, three people familiar with the matter said, becoming the latest automaker to rethink supply chains to lessen the hit from U.S. tariffs on imported vehicles. Continue reading “Exclusive: Toyota weighs adding US production of new RAV4 in response to tariffs, sources say”

Volvo to cut up to 800 US jobs as Trump’s tariffs bite

Volvo to cut up to 800 US jobs as Trump’s tariffs bite

Summary

  • Volvo to lay off up to 800 workers due to market uncertainty
  • Trump’s tariffs impact global trading and consumer confidence
  • Heavy-duty truck orders hit by freight rate uncertainty and tariffs

NEW YORK, (Reuters) – Volvo Group plans to lay off as many as 800 workers at three U.S. facilities over the next three months due to market uncertainty and demand concerns in the face of President Donald Trump’s tariffs, a spokesperson said on Friday. Continue reading “Volvo to cut up to 800 US jobs as Trump’s tariffs bite”

Ford halts shipments of vehicles to China amid tariffs

Ford halts shipments of vehicles to China amid tariffs

Summary

  • Ford halts SUV, truck shipments to China due to tariffs
  • Exports of engines, transmissions to China continue despite vehicle pause
  • Ford may raise vehicle prices if tariffs persist, internal memo reveals

(Reuters) – Ford Motor said on Friday it has halted shipments of its SUVs, pick-up trucks and sports cars to China, as it starts to face the heat from retaliatory tariffs that have seen vehicles face taxes as high as 150%. Continue reading “Ford halts shipments of vehicles to China amid tariffs”

Exclusive: Tesla to delay US launch of affordable EV, a lower-cost Model Y, sources say

Exclusive: Tesla to delay US launch of affordable EV, a lower-cost Model Y, sources say

Summary

  • Tesla’s plans for affordable Model Y delayed by at least several months, sources say
  • Tesla aims for 250,000 cheaper Model Ys in US in 2026
  • Tesla faces challenges: aging models, Musk political activity, tariffs

SAN FRANCISCO/NEW DELHI/SEOUL (Reuters) – Tesla’s long-awaited plans for an affordable car include a U.S-made, stripped-down version of its best-selling electric SUV, the Model Y, but the production launch has been delayed, three sources with knowledge of the matter told Reuters. Continue reading “Exclusive: Tesla to delay US launch of affordable EV, a lower-cost Model Y, sources say”

Tesla settles Black employee’s lawsuit alleging pervasive harassment

Tesla settles Black employee’s lawsuit alleging pervasive harassment

(Reuters) – Tesla has settled a racial discrimination lawsuit by a Black female employee who claimed a manager at its Fremont, California, plant sometimes greeted workers by saying “welcome to the plantation” or “welcome to the slave house.”

Raina Pierce, who installed latches on car doors, and the automaker led by billionaire Elon Musk agreed to a settlement proposed by a mediator, according to a joint filing on Thursday in San Francisco federal court. Continue reading “Tesla settles Black employee’s lawsuit alleging pervasive harassment”

Tesla speeds up odometers to avoid warranty repairs, US lawsuit claims

Tesla speeds up odometers to avoid warranty repairs, US lawsuit claims

(Reuters) – Tesla faces a proposed class action claiming it speeds up odometers on its electric vehicles so they fall out of warranty faster, saving Elon Musk’s company from having to pay for repairs.

The plaintiff Nyree Hinton alleged that Tesla odometer readings reflect energy consumption, driver behavior and “predictive algorithms” rather than actual mileage driven. Continue reading “Tesla speeds up odometers to avoid warranty repairs, US lawsuit claims”

Mamata Banerjee to lay foundation stone of JSW’s 1600 MW Salboni power plant on April 21

Mamata Banerjee to lay foundation stone of JSW’s 1600 MW Salboni power plant on April 21

Source : PTI | West Bengal Chief Minister Mamata Banerjee on Thursday said she will lay the foundation stone for a 1,600 MW super/ultra-supercritical thermal power plant at Salboni in Paschim Medinipur district on April 21 to be developed by JSW Energy Ltd.

The Rs 16,000 crore project, comprising two units of 800 MW each, was awarded to JSW Energy through a competitive bidding process conducted by the West Bengal Power Development Corporation Ltd (WBPDCL). The greenfield thermal power plant is scheduled for commissioning within five years. Continue reading “Mamata Banerjee to lay foundation stone of JSW’s 1600 MW Salboni power plant on April 21”

Govt cut cheaper APM gas supply to CNG retailers IGL, MGL, Adani Total Gas

Govt cut cheaper APM gas supply to CNG retailers IGL, MGL, Adani Total Gas

Source : PTI | The government has cut the supply of lower-cost APM gas to city gas distributors such as Indraprastha Gas Ltd, Mahanagar Gas Ltd, and Adani Total Gas Ltd, by up to 20 per cent, replacing the shortfall with more expensive fuel. GAIL (India) Ltd, the state-owned nodal agency for gas supply, has intimated about a cut in supply of gas from legacy fields, called Administered Price Mechanism (APM) gas, the three city retailers said in separate stock exchange filings.

The production of APM gas, which is currently priced at USD 6.75 per million British thermal unit, is declining at the rate of 9-10 per cent annually as recovery from old and ageing fields falls. Continue reading “Govt cut cheaper APM gas supply to CNG retailers IGL, MGL, Adani Total Gas”

Hero MotoCorp halts production at 4 plants to navigate supply alignment

Hero MotoCorp halts production at 4 plants to navigate supply alignment

Source : PTI | Hero MotoCorp on Thursday said it will suspend production at four of its plants from April 17 to April 19 in order to undertake short-term supply alignment. The company will utilise the period to carry out maintenance activities at the facilities.

“We would like to inform you that production will be temporarily paused from April 17 to 19, 2025, at four of our manufacturing plants, Dharuhera, Gurugram, Haridwar, and Neemrana, as we navigate a short-term supply alignment,” the country’s largest two-wheeler maker said in a statement. Continue reading “Hero MotoCorp halts production at 4 plants to navigate supply alignment”

Skoda India says it needs to increase share in group’s overall exports with better planning

Skoda India says it needs to increase share in group’s overall exports with better planning

Source : PTI | Czech auto major Skoda Auto India needs to have a higher share in the group’s overall exports with a better planning even as it remains “committed” to more overseas shipments from the country, a top company official has said. Skoda Auto India, which on Wednesday rolled out the second generation luxury 4X4 full-size SUV Kodiaq in the country with a starting price of Rs 46.89-lakh, also said that the domestic market is far from a trend where people chose electric car as the only car in the family and that there must be a certain period in transitioning from one type of fuel to another type.

“We need to fight more for the export (as) the main export is still because of the Volkswagen brand. But we have opened a lot of new markets,” Petr Janeba, Brand Director at Skoda Auto India, told PTI. Continue reading “Skoda India says it needs to increase share in group’s overall exports with better planning”

Ford recalls more than 148,000 vehicles, NHTSA says

Ford recalls more than 148,000 vehicles, NHTSA says

(Reuters) – Ford Motor is recalling more than 148,000 vehicles in the United States as part of two recalls, the National Highway Traffic Safety Administration said on Thursday.

The automaker will recall 123,611 vehicles due to a fluid leak that could reduce braking performance and increase stopping distance. This affects certain 2017–18 Ford F-150, Expedition, and Lincoln Navigator models. Continue reading “Ford recalls more than 148,000 vehicles, NHTSA says”

Renault chairman Senard to step down from Nissan’s board

Renault chairman Senard to step down from Nissan’s board

TOKYO, (Reuters) – Renault Chairman Jean-Dominique Senard is to step down from Nissan’s board of directors, the Japanese automaker said on Thursday, as the company tackles its declining performance.

Senard, who served as Nissan’s vice chairman, will resign at the end of the annual general meeting of shareholders scheduled for June, a company statement said. Continue reading “Renault chairman Senard to step down from Nissan’s board”

Hyundai to suspend EV production in S Korea due to slow demand, US tariffs – Yonhap

Hyundai to suspend EV production in S Korea due to slow demand, US tariffs – Yonhap

SEOUL, (Reuters) – Hyundai Motor plans to temporarily suspend production of some of its electric vehicles (EVs) in South Korea due to slow demand and U.S. tariffs, Yonhap news agency reported on Thursday, citing unnamed industry sources.

The South Korean automaker is expected to halt operations on some production lines from April 24-30 at its Ulsan complex, where it makes Ioniq 5 and Kona electric vehicles, Yonhap said. Continue reading “Hyundai to suspend EV production in S Korea due to slow demand, US tariffs – Yonhap”

China bans ‘smart’ and ‘autonomous’ driving terms from vehicle ads

China bans ‘smart’ and ‘autonomous’ driving terms from vehicle ads

Summary

  • Automakers have been rushing to launch driving assistance features
  • New rule comes after fatal accident involving Xiaomi car
  • China will also require approvals of remote ADAS software upgrades

SHANGHAI, (Reuters) – China is banning automakers from using the terms “smart driving” and “autonomous driving” when they advertise driving assistance features, and it will tighten scrutiny of such technology upgrades. Continue reading “China bans ‘smart’ and ‘autonomous’ driving terms from vehicle ads”

India’s BluSmart, rival of Uber, suspends operations after co-founder probed

India’s BluSmart, rival of Uber, suspends operations after co-founder probed

Summary

  • Co-founder of Indian rival to Uber faces regulatory setback
  • BluSmart halts operations, drivers stressed
  • Investigation finds co-founder misused EV funds, bought luxury home
  • Indian electric cab company became popular over years

NEW DELHI, (Reuters) – Indian electric cab service BluSmart, seen as a rival to Uber, suspended services on Thursday, two days after the country’s market regulator alleged its co-founder misused funds at an affiliate company and bought a luxury apartment with money allocated for electric vehicles. Continue reading “India’s BluSmart, rival of Uber, suspends operations after co-founder probed”

Japan’s exports expand in March as US tariffs feared to hit economy broadly

Japan’s exports expand in March as US tariffs feared to hit economy broadly

Summary

  • March exports +3.9% yr/yr vs forecast +4.5%
  • Imports rise 2% yr/yr
  • US tariffs upending Japan’s industrial supply chains

TOKYO, (Reuters) – Japan’s exports rose for a sixth straight month in March, data showed on Thursday, as the threat of sweeping U.S. tariffs drove Japanese companies to ramp up shipments while sparking concerns about the outlook of the country’s export-reliant economy. Continue reading “Japan’s exports expand in March as US tariffs feared to hit economy broadly”