US President Donald Trump imposes 25% tax on imported cars

The new tax is scheduled to take effect on April 2. Mr. Trump said that cars not made in the United States would be taxed, but that automakers with factories in the United States would not be affected. If the tax were passed directly onto the selling price, each imported car could cost about $12,500 more, contributing to inflation.

US President Donald Trump at the White House. Photo: WASHINGTON POST

In 2024, the US imported $474 billion worth of auto-related products, with passenger cars alone accounting for $220 billion. Major countries such as Mexico, Japan, South Korea, Canada and Germany are the main suppliers of cars to the US.

Accordingly, shares of US car companies fell after the above information, as investors worried about the impact of import car taxes and frequent changes in Mr. Trump's tax policy.

Previously, Mr. Trump imposed a 20% tariff on all imports from China related to fentanyl, and a 25% tariff on Mexico and Canada, with some products temporarily exempted for 30 days. At the same time, Mr. Trump imposed a 25% tariff on imported steel and aluminum, and expanded tariffs to computer chips, pharmaceuticals, lumber, and copper.

Mr Trump also announced that he would impose a 200% tariff on alcoholic beverages from the European Union (EU) in response to the EU's plan to impose a 50% tax on American spirits. He is also considering a 25% tariff on countries importing oil from Venezuela.

Source: https://baogialai.com.vn/tong-thong-my-donald-trump-ap-thue-25-doi-voi-o-to-nhap-khau-post316394.html