WASHINGTON (AP) — President Donald Trump on Wednesday will announce tariffs on auto imports , a move that the White House claims would foster domestic manufacturing but could also put a financial squeeze on automakers that depend on global supply cha
WASHINGTON — President Donald Trump on Wednesday will announce tariffs on auto imports, a move that the White House claims would foster domestic manufacturing but could also put a financial squeeze on automakers that depend on global supply chains.
Trump has long said that tariffs against auto imports would be a defining policy of his presidency, betting that the costs created by the taxes would cause more production to relocate in the United States. But U.S. and foreign automakers with domestic plants still depend on Canada, Mexico and other nations for parts and finished vehicles, meaning that auto prices could increase and sales could decline as new factories take time to build.
Trump has already placed a 20% import tax on all imports from China for its role in the production of fentanyl. He similarly placed 25% tariffs on Mexico and Canada, with a lower 10% tax on Canadian energy products. Parts of the Mexico and Canada tariffs have been suspended, including the taxes on autos after automakers objected and Trump responded by giving them a 30-day reprieve that is set to expire in April.
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