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Trump reveals 25 percent auto tariffs plan, set for April 2nd
(MENAFN) President Donald Trump revealed Wednesday his administration's plan to impose a 25-percent tariff on automobiles not manufactured within the United States. The measure is scheduled to take effect on April 2nd, signaling a significant shift in U.S. trade policy.
"What we're going to be doing is a 25-percent tariff for all cars that are not made in the United States," Trump stated from the White House Oval Office. He further clarified the tariff structure, saying, "We start off with a 2.5-percent base, which is what we're at, and go to 25 percent."
The president emphasized the swift implementation of the order, confirming, "We're signing (executive order) today. It goes into effect April 2. We start collecting on April 3." This rapid timeline indicates the administration's determination to enforce the new tariff policy.
Trump asserted that the tariffs would incentivize automotive manufacturers to relocate production to the United States. He also argued that the measures would generate increased revenue for the federal government and contribute to reducing the national debt.
However, economists have expressed concerns regarding the potential impact of these tariffs. They warn that the tariffs are likely to drive up car prices, placing a financial burden on consumers who are already grappling with high costs.
"What we're going to be doing is a 25-percent tariff for all cars that are not made in the United States," Trump stated from the White House Oval Office. He further clarified the tariff structure, saying, "We start off with a 2.5-percent base, which is what we're at, and go to 25 percent."
The president emphasized the swift implementation of the order, confirming, "We're signing (executive order) today. It goes into effect April 2. We start collecting on April 3." This rapid timeline indicates the administration's determination to enforce the new tariff policy.
Trump asserted that the tariffs would incentivize automotive manufacturers to relocate production to the United States. He also argued that the measures would generate increased revenue for the federal government and contribute to reducing the national debt.
However, economists have expressed concerns regarding the potential impact of these tariffs. They warn that the tariffs are likely to drive up car prices, placing a financial burden on consumers who are already grappling with high costs.
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