Trump said he will impose 25% tariffs on all foreign-made cars and light trucks beginning April 2, according to CNBC. The measure adds to existing duties and could generate over $100 billion in annual revenue for the U.S. The proclamation's details remain unclear, and modern vehicles often contain parts sourced from many different countries. Trump granted the Big Three automakers a one-month exemption for vehicles covered under a North American trade deal. Auto stocks fell roughly 5% in after-hours trading.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Trump said he would impose 25% tariffs on all foreign-made cars and light trucks beginning
00:06April 2nd. And according to CNBC, the measure adds to existing duties and can generate over
00:11$100 billion in annual revenue for the U.S. The proclamation's details remain unclear,
00:16and modern vehicles often contain parts sourced from many different countries.
00:20Trump granted the big three automakers a one-month exemption for vehicles covered
00:24under a North American trade deal. Auto stocks fell roughly 5% in after-hours trading.
00:29For all things money, visit Benzinga.com.