From 2,5 to 25 percent - this much will do Tramp raise tariffs on all cars not made in the US.
Trump, who carine seen as a revenue-raising tool to offset promised tax cuts and a revival of the US industrial base, said the new import duties would take effect on April 2. On the same day, he plans to announce reciprocal tariffs on the countries responsible for most of the US trade deficit. The collection of new customs duties on cars would begin on April 3.
Trump indicated that the measures may not be reciprocal as he had previously promised.
"I think people will be very surprised. It will be, in many cases, lower than the tariffs they've been charging for decades," he added.
Shares in U.S. automakers fell after the news amid concerns the tariffs would send shockwaves through a global auto industry already reeling from uncertainty caused by Trump's threats to impose tariffs and occasional reversals with their announcements, Reuters reported.
U.S. stocks also ended lower on concerns about tariffs, which have dogged investors for much of the past month.
Postponed
Since taking office on January 20, Trump has announced and delayed tariffs on Canada and Mexico for what he says are their roles in allowing the opioid fentanyl to enter the US. He also imposed import taxes on goods from China for the same reason; imposed heavy tariffs on steel and aluminum imports and has repeatedly floated plans to announce global reciprocal tariffs on April 2.
Tariffs could also raise auto prices for consumers by thousands of dollars, affecting new vehicle sales and resulting in job losses, as the U.S. auto industry relies heavily on imported parts, he told the Center for Automotive Research.
In 2024, the US imported $474 billion worth of automotive products, including $220 billion worth of passenger cars. Mexico, Japan, South Korea, Canada and Germany, all close US allies, were the top exporters.
