Donald Trump has placed a 25% tariff on imported autos, expecting to raise $100 billion (£77bn) in tax revenues.
Speaking to reporters on Wednesday, the US President announced new tariffs that are expected to hit the auto industry will commence from April 2.
Trump has claimed this will usher in « tremendous growth » for the sector, suggesting it will bolster job creation and investments within the United States.
Experts caution that such a tariff could cause significant upheaval, leading to higher vehicle costs and strained diplomatic ties, particularly impacting top foreign car suppliers like Mexico, South Korea, Japan, Canada, and Germany.
On Wall Street, apprehension swirled as General Motors’ shares tumbled by approximately 3% amidst rumours of the announcement from the White House.
Pressed about the potential of a U-turn at a press conference, Trump displayed characteristic resolve, stating, « This is permanent, » before adding: « But if you build your car in the United States there is no tariff. »
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