Reported 26 days ago
President Trump has officially announced a 25% tariff on all foreign-made vehicles and select auto parts, set to take effect on April 2. This move, part of his effort to boost the U.S. automotive industry, is projected to generate $100 billion annually, but may significantly increase vehicle prices domestically by $3,000 to $12,000. While primarily targeting foreign automakers, domestic companies like Ford and GM are also concerned about the impact on their production costs, as they source materials from abroad. Trump framed the tariffs as essential for protecting American interests, labeling April 2 as a 'Liberation Day' from foreign economic exploitation.
Source: YAHOO