US President Donald Trump announced steep tariffs on auto imports Wednesday, in a move set to fuel tensions with trading partners ahead of further promised levies next week.
“What we’re going to be doing is a 25 percent tariff on all cars that are not made in the United States. If they’re made in the United States, it is absolutely no tariff,” he said at the White House.
The move is set to take effect April 2 and impact foreign-made cars and light trucks, in addition to existing tariffs on those goods.
Since returning to the presidency in January, Trump has already imposed tariffs on imports from major US trading partners Canada, Mexico and China — as well as a 25 percent duty on steel and aluminum imports.
But he previously offered automakers temporary reprieve from the levies affecting North America.
Uncertainty over Trump’s trade plans and worries they could trigger a downturn have roiled financial markets, with consumer confidence also falling in recent months amid fears of the tariffs’ effects.
Wall Street slumped ahead of Trump’s announcement, with the tech-focused Nasdaq plunging 2.0 percent.
Shares in automaker General Motors closed 3.1 percent down, while Ford eked out a 0.1 percent gain.
About 50 percent of cars sold in the United States are manufactured within the country. Among imports, about half come from Mexico and Canada, with Japan, South Korea and Germany, also major suppliers.
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“What we’re going to be doing is a 25 percent tariff on all cars that are not made in the United States. If they’re made in the United States, it is absolutely no tariff,” he said at the White House.
The move is set to take effect April 2 and impact foreign-made cars and light trucks, in addition to existing tariffs on those goods.
Since returning to the presidency in January, Trump has already imposed tariffs on imports from major US trading partners Canada, Mexico and China — as well as a 25 percent duty on steel and aluminum imports.
But he previously offered automakers temporary reprieve from the levies affecting North America.
Uncertainty over Trump’s trade plans and worries they could trigger a downturn have roiled financial markets, with consumer confidence also falling in recent months amid fears of the tariffs’ effects.
Wall Street slumped ahead of Trump’s announcement, with the tech-focused Nasdaq plunging 2.0 percent.
Shares in automaker General Motors closed 3.1 percent down, while Ford eked out a 0.1 percent gain.
About 50 percent of cars sold in the United States are manufactured within the country. Among imports, about half come from Mexico and Canada, with Japan, South Korea and Germany, also major suppliers.
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Forwarded from DoomPosting
As Andreesen pointed out long ago,
— Watch for the perma-bulls who finally flip bearish, because this is the ultimate sign that the bottom may finally be in
“The bottom did not come in until the demoralization was so comprehensive that the tech crash wasn't even generating news headlines anymore, it was just sad and depressing.”
Similar counter-signals apply in all sorts of other cases too,
e.g. the AI agent perma-bulls who finally giving up on making AI agents happen,
after trying for years
— And then the AI Agent boom appears just as they give up
Nothing new under the sun
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
— Watch for the perma-bulls who finally flip bearish, because this is the ultimate sign that the bottom may finally be in
“The bottom did not come in until the demoralization was so comprehensive that the tech crash wasn't even generating news headlines anymore, it was just sad and depressing.”
Similar counter-signals apply in all sorts of other cases too,
e.g. the AI agent perma-bulls who finally giving up on making AI agents happen,
after trying for years
— And then the AI Agent boom appears just as they give up
Nothing new under the sun
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
🔥2💯2