Mark Fields, former Ford CEO, joins 'Fast Money' to talk Honda's earnings miss, the impact of tariff changes on the auto industry, and more.

The Trump admin is considering new tariffs on imported critical minerals which may affect the automotive industry's access to materials.

The tariffs are now in force, but the wider effects will take some time to be fully felt in the industry for automakers, dealers, and drivers.

While U.S. President Donald Trump has talked of victory after reaching a weekend deal with China to reduce the sky-high tariffs levied on each others' goods, businesses in China are reacting to the temporary deal with a cautious wait and see approach.

The National Auto Parts Industry (INA) reported that 92% of the Mexican auto parts sector will escape new tariffs from the United States.

The 90-day temporary easing of US tariffs on China has introduced a high level of uncertainty, with the Chinese auto sector weighing the short-term and long-term impact

During the announcement of its 2024-2025 fiscal year financial results on May 13, Honda CEO Toshihiro Mibe stated that in the current fiscal year, which began on April 1 and will end on March 31 next year, Honda expects the impact of the Trump Administration’s tariff policy to hammer 650 billion yen (~$4.34 billion) off its operating profits.

Honda is the latest automaker to warn of a massive hit to its profits as a result of President Trump's auto tariffs.