Trump says deal to reopen the Strait of Hormuz could come

US stocks mostly fell Monday due to new sanctions on Iran and trade tensions. Treasury Secretary Scott Bessent announced expanded sanctions, impacting the S&P 500 and Nasdaq. Auto sector dropped after Trump raised tariffs on Canadian autos, affecting GM and Ford. Investors await Nvidia's earnings, with semiconductor stocks under pressure.

Gold Reserve Ltd. (TSX.V GRZ, BSX GRZ.BH, OTCQX GDRZF) said attorney Jose Ignacio Moreno Suarez was released from Rodeo I prison in Venezuela after more than three years. The company said it would prepare to return personnel and resume participation in the recovery stage. It cited support from Venezuelan officials and the U.S. administration.

Red Cat Holdings (RCAT) shares rose after President Trump announced new tariffs on imported drones and drone parts. The Wall Street Journal said China-bound imports face higher levies than allied nations, with implementation starting in three weeks and full rollout over six months. Red Cat’s U.S.-focused operations may reduce tariff exposure, according to S&P Global Market Intelligence.

Detroit automakers say proposed changes to a revised U.S.-Mexico-Canada trade deal could raise costs by at least $2 billion annually per company, Reuters reported. The U.S. wants 50% U.S.-made content for lower tariffs and higher North American content. GM expects $2.5B to $3.5B gross tariff expenses this year; Ford estimates about $1B net. Ford will shift Lincoln production to U.S. from China.

Detroit automakers warned that proposed changes to the U.S.-Mexico-Canada trade deal could add billions in annual costs. A 50% U.S.-made content rule and higher North American content could raise expenses by at least $2B per automaker, on top of existing tariffs. GM expects $2.5B-$3.5B gross costs; Ford estimates about $1B net. Ford will shift Lincoln production from China to U.S. factories.

Reuters reports Detroit automakers plan to tell the Trump administration that proposed changes to a revised North American trade deal could add billions in annual costs. A U.S. proposal for at least 50% U.S.-made content and higher North American content could cost each automaker at least $2B/year, on top of existing tariffs. GM expects $2.5B-$3.5B tariff gross costs in 2025; Ford estimates about $1B net.