Trump imposes 25% tariffs on car imports to the US!
US President Donald Trump said on Wednesday he would impose a 25% tariff on imported cars, a move the US leader says will boost domestic manufacturing. " This is permanent, " Trump said, underlining his seriousness about the tariff directive. He added that the auto tariffs would begin to be collected on April 3.
The tariffs come as analysts warn that this is likely to affect the US auto industry, as American carmakers also source their components from around the world, meaning they could face higher costs and lower sales.
Some forecasts estimate that the potential average price of an imported car could increase by around 11,000 euros if taxes are fully passed on to the buyer, which could contribute to overall inflation.
In initial reaction to Trump's announcement, General Motors shares fell about 3% Wednesday afternoon while shares of Stellantis, the owner of Jeep and Chrysler, fell nearly 4%. Ford shares rose slightly. A swift reaction followed in Brussels, where European Commission President Ursula von der Leyen expressed regret over the U.S. decision. She vowed that the bloc would protect consumers and businesses.
" Tariffs are bad taxes for businesses, worse for consumers in both the US and the European Union," she said in a statement, adding that the EU's executive branch would assess the impact of the measure, as well as other US tariffs planned for the coming days.
Trump has long said he would impose tariffs on car imports as a hallmark of his presidency, hoping that by raising the price of taxes, more manufacturing would move to the US and the budget deficit would be reduced.
However, American and international car manufacturers already have factories all over the world to meet demand from customers worldwide, while keeping prices competitive.
There are concerns that it could take years for businesses to plan, build and launch the additional factories that Trump is proposing. Canada calls Trump's tariffs a "direct attack ." Meanwhile, Canadian Prime Minister Mark Carney says he needs to see the details of Trump's executive order before taking retaliatory action.
He described Trump's tariffs as unjustified and said he would head straight to Ottawa to chair his cabinet's special committee on relations with the U.S. on Thursday. Earlier, Carney announced a $1.2 billion "strategic response fund" that will protect Canadian auto jobs affected by Trump's tariffs.
Carney noted that the auto industry directly employs 125,000 Canadians and nearly 500,000 more in related industries, making it the country's second-largest export. The newly appointed prime minister wants to soften the impact of tariffs on the Canadian economy and has called for talks with Trump, who he has yet to meet or speak with since being sworn in on March 14.
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