Trump policy changes hit Volvo’s US truck operations

The Trump Administration’s chaotic environmental and trade policy is poised to hit truckmakers hard, and Volvo Group offers one early example of the fallout.

The Swedish automaker has multiple manufacturing operations in the US, but like everyone within the automotive ecosystem, its supply chain is complex and global. The company now faces hefty new tariffs on components that may cross international borders numerous times. S&P Global warned in March 2025 that “the tariffs’ impact on the trucking industry could be significant, with the potential to depress near-term truck volumes and, over time, reshape commercial vehicle manufacturing.”