Trump Announces 25% Tariff on All Imported Cars

BlockBeats News, March 27th, U.S. President Trump issued a statement announcing a 25% tariff on all imported cars. The tariff will take effect on April 2nd. Trump stated that the car tariff will be permanent. He mentioned that if cars are manufactured in the U.S., no tariff will be imposed. Trump added that if the parts are produced in the U.S. but the whole car is not, those parts will not be affected by the tariff. Trump also mentioned that the U.S. will impose tariffs on lumber and pharmaceuticals. U.S. officials stated that the tariff is expected to generate over $100 billion in additional annual revenue. The 25% car tariff is in addition to the existing tariff (usually 2.5%). The Premier of Ontario, Canada, expressed support for retaliatory tariffs against the U.S.; the President of the European Commission, Ursula von der Leyen, expressed regret over the U.S. imposition of car tariffs and stated that they will assess this move and the U.S.'s other actions in the coming days to seek a negotiated solution. (FXStreet)