President Donald Trump announced a 25% tariff on imported vehicles and auto parts, effective April 3, aiming to boost domestic manufacturing.
Category
🗞
NewsTranscript
00:00President Donald Trump announced a 25% tariff on imported vehicles and auto parts, effective April 3rd,
00:06aiming to boost domestic manufacturing and generate approximately $100 billion in annual tax revenue.
00:12The policy affects major auto-exporting nations, including Mexico, Japan, South Korea, Canada and Germany,
00:19which collectively supply nearly half of the new passenger vehicles sold in the U.S.
00:24Automakers have expressed concern these tariffs could increase vehicle prices for U.S. consumers by up to $10,000,
00:31potentially reducing consumer choices and impacting sales.
00:35The announcement has also led to significant stock declines for both domestic and global car manufacturers,
00:41reflecting market apprehension about the policy's impact on the global auto industry.