Mr. Trump announced last week that vehicles and auto parts imported into the U.S. will be subject to a 25% tariff rate. The auto tariffs are expected to go into effect at midnight, just hours after the latest round of tariff announcements by the president Wednesday afternoon.

Stocks plunged Thursday morning as U.S. trading opened for the first time after President Trump’s announcement of heavy tariffs on nearly every nation exporting products to the United States. The Dow Jones Industrial Average opened with a loss of more than 1,