US President Donald Trump announced a 25% tariff on imported autos starting April 2, this will affect foreign-made cars and light trucks. Donald Trump aims to boost US manufacturing but could effect trade relations with key partners like Japan, Germany and Canada.
“All cars that are not made in the United States will face a 25% tariff” Trump said at the White House. “If they are made here there willbe absolutely np tariff.”
He said this tariff will begin from April. Ahead of the announcement, Wall Street reacted with a sharp downturn, with the Nasdaq sliding 2%. Auto Stocks also felt the impact.