RIGHT NOW: Strikes with shock tariffs

Donald Trump
Trump introduces car tariffs on non-American cars

Oskar Forsberg

Updated 22.39 | Published 22.25

Donald Trump. Photo: Jacquelyn Martin / AP

Trump introduces shock tariffs on foreign cars.

At a meeting at the White House, he says that the tariffs will lead to "tremendous growth".

US President Donald Trump announced today that he plans to introduce new tariffs on cars.

During a meeting, he is said to have said that he will introduce a tariff of 25 percent for "all cars that are not made in the United States".

- We are signing a presidential decree today that will lead to tremendous growth in the auto industry, he says.

April 2

Trump has long hinted at plans to introduce heavy tariffs

He has said that things will happen on April 2. The plan was originally to impose reciprocal tariffs on countries that already trade with the US.

That is, to impose the same amount of tariffs as the trading partner.

However, it has been unclear until now exactly what the decisions will be. This has also recently led to uncertainty on the stock market.

In early March, the White House gave the major US vehicle manufacturers General Motors, Ford and Stellantis a one-month exemption from the 25 percent tariffs on goods from Canada and Mexico.

GM and Ford lost

This after discussions between the government and the US manufacturers, who have significant production in the two neighboring countries.

Since then, negotiations and talks about the vehicle tariffs have continued, reports TT.

In connection with a cabinet meeting on Monday, Trump said that the tariffs on the automotive industry would be announced "very soon".

The major US vehicle manufacturers General Motors, Ford and Stellantis fell in after-hours trading on the New York Stock Exchange.