Trump Places 25% Tariff On Imported Autos In Move That Could Hike Prices
HuffPost
American automakers could face higher costs and lower sales as Trump seeks to encourage domestic manufacturing.
WASHINGTON (AP) — President Donald Trump said Wednesday he was placing 25% tariffs on auto imports, a move that the White House claims would foster domestic manufacturing but could also put a financial squeeze on automakers that depend on global supply chains.
“This will continue to spur growth,” Trump told reporters. “We’ll effectively be charging a 25% tariff.”
The tariffs could be complicated as even U.S. automakers source their components from around the world, meaning that they could face higher costs and lower sales. Shares in General Motors have fallen roughly 3% in Wednesday afternoon trading. Ford’s stock was up slightly. Shares in Stellantis, the owner of Jeep and Chrysler, have dropped nearly 4%.
Trump has long said that tariffs against auto imports would be a defining policy of his presidency, betting that the costs created by the taxes would cause more production to relocate to the United States. But U.S. and foreign automakers with domestic plants still depend on Canada, Mexico and other nations for parts and finished vehicles, meaning that auto prices could increase and sales could decline as new factories take time to build.
“We are going to be doing automobiles, which you’ve known about for a long time,” Trump said Monday. “We’ll be announcing that fairly soon, over the next few days probably.”
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