US President Donald Trump has kept alive his drumbeat of tariff threats, saying that levies on automobiles would be coming as soon as April 2.
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NewsTranscript
00:00Mr. President, you mentioned auto tariffs the other day, when do you plan to honor them?
00:05Howard, I'd say over the next sometime, maybe around April 2nd.
00:10I would have done them on April 1st, believe it or not.
00:14I'm a little superstitious.
00:15No, literally, we had it planned for April 1st, I said, let's make it April 2nd.
00:20You know how much money that costs?
00:21That costs a lot of money just that one day, but we're going to do it on April 2nd, I think.
00:26Is that right?
00:27That's right.
00:28President Donald Trump kept alive his drumbeat of tariff threats, saying that duties on automobiles
00:33would possibly be coming on April 2nd.
00:36Trump said this to the media on Friday, in response to a question about when the U.S.
00:41will slap tariffs on imported vehicles.
00:44Ford Motor Company CEO Jim Farley applauded the idea to look at vehicle imports into the
00:49U.S., saying that comprehensive trade policies are imperative to achieving the President's
00:54vision to strengthen the U.S. auto industry.
00:58Since his inauguration last month, Trump has imposed a 10 percent tariff on imports
01:02from China, and announced and then delayed for a month 25 percent tariffs on goods from
01:08Mexico and non-energy imports from Canada.
01:12Trump also announced 25 percent tariffs on all imported steel and aluminum starting from
01:17March 12th.
01:18Analysts said the 25 percent tariff on steel and aluminum imports will not significantly
01:24boost U.S. steel production, but will instead create uncertainties for businesses in the
01:29country.
01:30What we have seen so far is that a lot of business people, including some business people
01:35that are big supporters of President Trump, have complained that somehow the uncertainty
01:41of these tariffs is impacting their ability to plan for the future.
01:45Remember that a business has to plan several years into the future, and so if you have
01:49tariffs going on and off every week or every month, that's very difficult to make plans.
01:55I remember in the 1940s, the United States was responsible for 50 percent of all the
02:01steel production in the world.
02:03Now it's less than 5 percent.
02:05So the numbers have come down dramatically.
02:09And then, of course, you have to ask the question, if we impose these tariffs, are we going to
02:13see more steel plants being created?
02:17I think we're not going to see more steel plants.
02:20In fact, even our steel plants today are operating at less than 75 percent capacity.
02:25Maybe that will go up a little bit, but these tariffs are not going to lead to significantly
02:31more steel production, in my judgment.