President Donald Trump announced new 25% tariffs on the auto industry Wednesday evening.
“What we’re going to be doing is a 25% tariff on all cars that are not made in the United States,” Trump declared from the Oval Office, noting that cars produced by foreign companies in the U.S. would not be subject to the new barrier taxes.
Trump said the auto tariffs would go into effect on April 2 and that the federal government would start collecting fees on April 3.
The president specifically commended a number of foreign automakers, including Honda, for announcing that they would be expanding their American production facilities in the face of his tariff agenda.
“In all cases, they wouldn’t have done it without what we’re doing,” Trump declared. “Others will come into our country and build, and they’re already looking for sites.”
Trump has implemented a growing list of tariffs on individual trading partners and specific sectors. That list includes 25% taxes on Canada and Mexico, 25% tariffs on all steel, aluminum, and their downstream products, and non-trade-related tariffs on countries such as Venezuela and Iran.
White House staff secretary Will Scharf additionally told reporters in the Oval Office that these new tariffs will stack on top of other existing, overlapping trade fees.
White House press secretary Karoline Leavitt had declined to preview the new barrier taxes during her Wednesday media briefing but said that the president would elaborate on the announcement during a press conference at 4 p.m. in the Oval Office.
The president has repeatedly told reporters that he will place new “reciprocal” tariffs on all trading partners maintaining tariffs on imports from the U.S. on April 2, dubbing the date “Liberation Day,” and hinted at additional sector-specific tariffs on goods such as cars, pharmaceuticals, copper, and lumber.
Still, though his top trade advisers have claimed there would be no exceptions for the reciprocal tariffs, Trump suggested earlier this week that might no longer be the case.
“I may give a lot of countries breaks,” he said Monday when asked about possible exceptions. “It’s reciprocal, but we might be even nicer than that. We’ve been very nice to a lot of countries for a long time.”
TRUMP TEASES TARIFF ‘BREAKS’ FOR SOME COUNTRIES AHEAD OF APRIL 2 RECIPROCAL ANNOUNCEMENT
“It will be a day where the United States of America will no longer be ripped off by nations around this world,” Leavitt said of the forthcoming announcement. “It will be a day where Americans finally see free and fair trade practices restored. We are no longer going to allow our allies, our competitors, and our adversaries to take advantage of American workers.”
Wednesday’s briefing can be viewed below.