Trump imposes 25% tax on imported cars

US President Donald Trump said tariffs on imported cars will take effect on April 2, when he is expected to announce tariffs on other imports.

Cars at a port in New Jersey, USA

CNN on March 27 quoted US President Donald Trump announcing a 25% tariff effective April 2 on all cars imported into the country, a significant escalation in the global trade war.

“We start with a 2.5% base, which is where it is now, and we’re going to go up to 25%,” he told reporters on March 26, before signing an executive order in the Oval Office.

After taking effect on April 2, the US will start collecting tariffs from April 3. "This is very exciting," he said, adding that the move would boost economic growth.

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In February, Mr. Trump floated the idea of ​​a 25% tariff on imported cars but did not provide further details. On March 24, he hinted that tariffs on the auto industry could be imposed in the “very near future.”

April 2 is being called “liberation day” by the leader and is when he is expected to announce a series of reciprocal tariffs, levied on imported goods that the US government believes are unfairly taxed by trading partners.

Many economists have expressed concern and warned that the US tariff plan will risk raising prices across the country. Research by the US consulting firm Anderson Economic Group shows that a combined tariff on Canada and Mexico risks increasing the price of cars in the US by up to $12,000.

Mexico, Japan, South Korea, Canada and Germany are among the top exporters of cars to the US. White House official Will Scharf said the new auto tariffs would bring in more than $100 billion in annual revenue to the US.

The announcement was quickly criticized by the European Union and Canadian Prime Minister Mark Carney, who called it a "direct attack" on Canadian workers.

“We will protect workers, we will protect companies, we will protect our country and we will protect each other,” Mr. Carney said.

Shares of automakers fell in after-hours trading and U.S. stock index futures slid, suggesting stocks were headed for a lower open on March 27.

Source: https://thanhnien.vn/ong-trump-danh-thue-25-len-o-to-nhap-khau-185250327065902081.htm