Trump imposes 25% tariff on imported cars, expects $100 bn in tax revenue

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But US and foreign automakers have plants around the world to accommodate global sales while maintaining competitive prices — and it could take years for companies to design, build and open the new factories that Trump is promising."We're looking at much higher vehicle prices,” said economist Mary Lovely, senior fellow at the Peterson Institute for International Economics.“We're going to see reduced choice....

Trump's directive creates the space to preserve auto parts trade with Canada and Mexico, as the Trump administration has to figure out how it could implement auto parts taxes on those trading partners.

Foreign leaders were quick to criticise the tariffs, a sign that Trump could be intensifying a broader trade war that could damage growth worldwide.“This is a very direct attack,” Canadian Prime Minister Mark Carney said.“We will defend our workers.

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Category: BusinessFinance

Markets: IndiaCanadaChinaJapanSouth KoreaMexicoUnited StatesVenezuela

Topics: Donald Trump White House

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-27 @ 22:41:18 (5 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 1391 words

Reading Time: 8 minutes read

Sentences: 42 lines

Sentence Length: 34 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 27372676

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