Insignia Consultants | Trump auto tariffs: President slaps 25% duties on car imports to US
Trump auto tariffs: President slaps 25% duties on car imports to US
WASHINGTON, March 26 (Reuters) - U.S. President Donald Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the global trade war he kicked off upon regaining the White House this year in a move auto industry experts expect will drive up prices and stymie production.
"What we're going to be doing is a 25% tariff for all cars that are not made in the United States," Trump said at an event in the Oval Office.
Trump, who sees tariffs as a tool to raise revenue to offset his promised tax cuts and to revive a long-declining U.S. industrial base, said collections would begin on April 3, the day after he plans to announce reciprocal tariffs aimed at the countries responsible for the bulk of the U.S. trade deficit.
European Commission President Ursula von der Leyen described the move as "bad for businesses, worse for consumers," while Canadian Prime Minister Mark Carney labeled it a "direct attack" on Canadian workers.
