Donald Trump has confirmed that he will impose tariffs of 25 per cent on all cars not made in the US in a press conference today.
The announcement has followed White House press secretary Karoline Leavitt trailing that the US President would announce tariffs on auto imports earlier this afternoon.
“We’re signing an executive order today that’s going to lead to tremendous growth in the automobile industry,” the Republican said.
“What we’re going to be doing is a 25 per cent tariff on all cars that are not made in the United States. If they’re made in the United States, there’s absolutely no tariff.”
The President announced the tariffs earlier today
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“We have a lot of exciting things, but to me, this is one of the most exciting now – outside of one specific day, and that’s Liberation Day,” he said, looking forward towards the start date.
The tariffs are due to come into effect from April 2.
Trump added: “This is permanent. But if you build your car in the United States there is no tariff.”
As collections are due to be collected as soon as the following day, Trump insisted the policy would drive “tremendous growth” for the American car industry, feeding increased investment and employment across the nation.
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Experts have suggested that the tariffs will primarily affect brands including Hyundai and Toyota.
Others have also warned that the move could stress international relationships with countries such as Germany and South Korea.
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