Trump slaps 25% tariffs on all foreign cars, says Elon Musk was not involved in the decision
The post Trump slaps 25% tariffs on all foreign cars, says Elon Musk was not involved in the decision appeared on BitcoinEthereumNews.com.
President Donald Trump announced on Wednesday from the White House that he’s hitting all foreign cars with a 25% tariff starting April 2, and said collections will begin the next day. “All cars that are not made in the United States,” Trump said, will be taxed. He made it clear that cars built within the country will not be affected, saying there’s “absolutely no tariff” for them. He signed the new trade order inside the Oval Office. According to a report from CNBC, Trump formalized the tariffs through a presidential proclamation. His longtime aide, Will Scharf, told reporters at the White House that the new rule includes foreign-made light trucks too, and stacks on top of all existing duties. “Over $100 billion of new annual revenue” is what Scharf claimed this move will generate for the U.S. Trump adds pressure on auto supply chains with parts enforcement Trump didn’t offer many specifics about how it’ll work, especially considering most vehicles today are built from thousands of individual parts sourced from several different countries. Still, he told reporters the government would launch “very strong policing” to monitor which components trigger the tariffs. That means federal agents will have to track exactly which parts are foreign and where they come from—no easy task in a system where even a single sedan might carry pieces from 20 different countries. The move instantly drew backlash from Europe. European Commission President Ursula von der Leyen responded within hours, saying the European Union would continue pursuing negotiations but wouldn’t roll over. “Tariffs are taxes — bad for businesses, worse for consumers equally in the US and the European Union,” she said in a formal statement Wednesday. As expected, the stock market didn’t sit still. After-hours trading saw shares of General Motors, Ford Motor, and Stellantis all…
Filed under: News - @ March 27, 2025 3:19 am