US President Donald Trump has initiated an additional 25% tariff on foreign-made cars coming into the US, Kallanish reports.
“This is very modest, and what we’re going to be doing is a 25% tariff on all cars that are not made in the United States,” Trump commented from the Oval Office whilst signing the executive order.late Wednesday.
The new tariff is expected to go into effect 2 April. It is designed with the hope of bringing auto manufacturing back to the US. The new tariff is in addition to tariffs already in place.
“This is the automobile industry, and this will continue to spur growth like you haven’t seen before,” Trump contends.
During the briefing, the president talked about the amount of revenue such a tariff could bring to the US.
“We expect that these tariffs will result in over $100 billion of new annual revenue to the United States of America in tariff revenue,” he states. “I think ultimately, we could probably anywhere from $600 billion to a trillion dollars will be taken in over the relatively short-term period. I think we go from $600 billion to a trillion within two years.”
John Isaacson USA
