U.S. Markets close in 5 hrs 22 mins

No deal on auto tariffs as White House backpedals, Volvo threatens to move jobs overseas

Paul A. Eisenstein

Carmakers were initially buoyed by the claim of an "incredible" trade deal emerging from Trump's dinner Sunday with Chinese President Xi Jinping. The White House has now backpedaled, acknowledging there was no deal in place to roll back automotive tariffs. The Chinese had levied a tariff of 25 percent and was set to roll the penalty back to just 15 percent.