President Trump 'finalizes' tariffs on imported cars into the US, clearly stating exceptions

On March 26, US President Donald Trump announced his decision to impose a tax of up to 25% on cars imported into the country.

President Donald Trump announced that if car manufacturers were to manufacture in the US, they would not have to pay the 25% tax. (Source: EPA)

At an Oval Office event, President Trump declared: "What we're going to do is put a 25 percent tariff on all cars that are not made in the United States."

The US leader added that if car manufacturers were in the world's largest economy, they would not have to pay taxes.

This tax decision will take effect from April 2.

The 25 percent tariff will apply to imported passenger vehicles (sedans, SUVs, crossovers, minivans, and cargo vans) and light trucks, White House Deputy Press Secretary Harrison Fields added.

The tariffs will also apply to key auto parts such as engines, transmissions, drivetrains and electrical components, with procedures to extend tariffs to additional parts if necessary.

Auto industry experts predict that the move will push up car prices and curb production in the industry.

In 2024, the value of imported cars of all kinds in the US will be up to 474 billion USD, of which the import turnover of passenger cars will be 220 billion USD.

Mexico, Japan, South Korea, Canada and Germany are the largest suppliers to the US auto market.

Source: https://baoquocte.vn/tong-thong-trump-chot-thue-quan-voi-o-to-nhap-khau-vao-my-neu-ro-ngoai-le-308979.html