Trump says he will impose a 25 percent tariff on imported vehicles

During a briefing connected Wednesday, President Donald Trump announced plans to enactment a 25 percent tariff connected cars and trucks imported into the US. Trump said the taxes would spell into effect connected April 2nd — the aforesaid clip he’s expected to present a circular of reciprocal tariffs, according to The New York Times.

The tariffs, which Trump called “permanent,” would besides use to American companies that manufacture vehicles successful different countries and past bring them into the US. Trump said the tariffs would effect successful “tremendous maturation successful the car industry,” though they’re expected to drive up prices for consumers.

As pointed retired by Axios, a 2024 analysis from the US International Trade Commission recovered that a 25 percent tariff connected cars shipped to the US could trim imports by 74 percent, portion the mean conveyance terms could summation by 5 percent. Trump’s tariffs connected China, Canada, and Mexico person already gone into effect, affecting a wide scope of products similar clothing, food, lithium batteries, and more.

The April 2nd tariffs are expected to “be customized for each US trading partner,” according to Bloomberg. Trump has said the tariffs mightiness beryllium much “lenient than reciprocal” arsenic concerns turn implicit their interaction connected prices.