President Trump's auto, reciprocal tariffs take effect this week
President Donald Trump plans to implement new tariffs and a 25% tax on auto imports this week, aiming to boost the U.S. economy.
President Donald Trump plans to implement new tariffs and a 25% tax on auto imports this week, aiming to boost the U.S. economy.
President Donald Trump plans to implement new tariffs and a 25% tax on auto imports this week, aiming to boost the U.S. economy.
This week, President Donald Trump will implement new reciprocal tariffs on other countries and a 25% tax on auto imports, claiming the policies will make the economy "boom."
Trump announced Wednesday as "Liberation Day" as reciprocal tariffs take effect, matching taxes charged by other countries. Some of the reciprocal tariffs will cover pharmaceuticals, lumber, and energy, bringing back production and jobs to the U.S. in what the president describes as a "golden age of America."
Later, a 25% tax on auto imports in hopes of fostering U.S. car manufacturing.
But Trump claimed over the weekend that he "couldn't care less" if foreign car prices go up, insisting the tax will generate some $100 billion a year. Automakers warn the taxes would mean higher costs and fewer sales. Influential conservative economist Arthur Laffer predicted in a new analysis consumers will pay $4,711 more to buy cars.
The Trump administration has also slated additional tariffs for products coming from Canada and Mexico this week, as well as and any countries that buy oil from them.