Speaking to reporters on February 14 in the Oval Office, President Donald Trump said he would announce new tariffs on cars imported into the US next April.
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| The plan to impose tariffs on cars will cause concern for some manufacturers in Japan, Germany and South Korea. (Source: The Wall Street Journal) |
President Trump emphasized: "We will do it (imposing tariffs on imported cars) around April 2."
It is the latest move in a rapidly expanding trade war after the White House chief made good on a campaign pledge to impose sweeping tariffs on US allies and rivals alike.
The proposed tariffs on cars will worry some manufacturers in Japan, Germany and South Korea, where imported cars are expected to account for about half of the market in the world’s largest economy by 2024.
Mr. Trump did not provide any details about the scope or level of potential tariffs on imported cars.
Experts say a broad tariff imposed on all imported cars would have a far-reaching impact on the global auto industry.
According to data from the US Department of Commerce, in 2024 the country imported about 8 million new cars and light trucks, with a total value exceeding 240 billion USD.
Tariffs are used by Mr. Trump as a tool to gain policy concessions from other countries on immigration and drugs, and as a tool he says will persuade companies to move production to Washington.
Earlier, he signed an executive order imposing a 25% tariff on all steel and aluminum imported into the US. This tax is higher than the current import tax on metals into the world's largest economy.
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