Kelsey Barberio brings you the biggest news of the day, including why Detroit’s Big 3 will suffer from Donald Trump’s newly imposed tariffs.
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00:00While consumers brace for the impact Donald Trump's new auto tariffs will have on them,
00:04it's already affecting U.S. automakers.
00:06The 25 percent tariff set to kick in on April 3rd will be placed on all cars shipped to
00:11the U.S.
00:12But despite being American brands, Detroit's big three automakers, Ford, General Motors,
00:16and Stellantis, don't assemble all of their vehicles in the U.S.
00:20According to Barclays, through the first three quarters of 2024, nearly half of all GM cars
00:24sold in the States were assembled in Canada, Mexico, and other countries.
00:29During that same period, Stellantis assembled 39 percent of the U.S. sold cars elsewhere,
00:34while roughly one in five Ford vehicles took the same route.
00:37Additionally, the new tariffs won't just apply to foreign-made cars themselves.
00:40They'll also apply to foreign-made car parts like engines and transmissions.
00:44Those tariffs are set to kick in on or before May 3rd.
00:47Shares of GM, Ford, and Stellantis are all down since President Trump's announcement.
00:52That'll do it for your daily briefing.
00:54From New York City, I'm Kelsea Barberio with The Street.