Trump unveils sweeping tariff plans; Private payrolls grow in March; Tesla deliveries drop

President Donald Trump on Wednesday announced details of international trade tariffs that have been threatened for several weeks, including some that will impose at least 10% in new fees on nearly all goods coming into the United States.

Trump ordered a baseline 10% tariff on all goods from all countries, taking effect at 12:01 a.m. April 5, except for products that are compliant with the USMCA trade agreement signed in 2018 by the U.S., Mexico and Canada. Noncompliant goods from Mexico and Canada will continue to be charged at a 25% rate. The U.S. is imposing a 25% tariff on all foreign-made cars effective at 12:01 a.m. April 3, and the same tariff will take effect May 3 for all foreign-made auto parts.

Trump said a group of about 60 countries, labeled by his administration as the “worst offenders” for trade practices that disfavor the U.S., will be charged a reciprocal tariff at half the rate they charge the U.S., effective at 12:01 a.m. April 9. Planned tariffs are designed to increase domestic production of goods like cars and technology components, though several economists have said the immediate effects could include higher prices for consumers and businesses.

Private-sector employers added a better-than-expected 155,000 jobs in March as wages rose at an average annual rate of 4.6%, according to the latest monthly tracking by payroll services provider ADP and Stanford University’s Digital Economy Lab.

Top industry gainers from the prior month included financial services at 38,000, manufacturing at 21,000, and leisure and hospitality at 17,000. Construction added a modest 6,000 in March, while the category that includes trade and transportation declined by 6,000.

“Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors,” ADP Chief Economist Nela Richardson said in a statement Wednesday.

The ADP-Stanford report is considered a preview of the Labor Department’s monthly tracking of both public and private nonfarm employment, with March data including the unemployment rate scheduled to be released Friday, April 4.

Tesla reported a 13% drop in sales during the first quarter compared with a year ago for its electric vehicles, as many of its dealerships have become the focus of political protests and in some cases vandalism.

Austin, Texas-based Tesla on Wednesday reported 336,681 vehicle deliveries for the first quarter, the rough equivalent of unit sales reported by other automakers. The sales drop came as Tesla recently concluded the worst quarter for its stock since 2022.

Tesla has faced protests and consumer boycotts stemming from founder and CEO Elon Musk’s work heading Trump’s Department of Government Efficiency, which has proposed cutting thousands of federal jobs. Several national news outlets reported that Musk will be scaling back his work with DOGE in coming weeks.