Trump announces 25% tariffs on foreign-made cars
CBSN
President Trump on Wednesday said he will put a 25% tariff on automobiles imported into the U.S., escalating his administration's use of aggressive trade measures in an effort to boost domestic manufacturers.
After White House press secretary Karoline Leavitt said the tariffs would be detailed at a 4 p.m. EST by Mr. Trump, Wall Street shuddered, with the S&P 500 tumbling by 1.2% in late afternoon trading. Because tariffs are taxes on imports that are largely passed onto U.S. consumers, they can cause households to cut back on spending and dampen economic growth, according to experts.
"This will continue to spur growth like you haven't seen before," Mr. Trump said at a press conference Wednesday afternoon. "We'll effectively be charging a 25% tariff. But if you build your car in the United States, there is no tariff."
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