President Trump announced a 25% tariff on auto imports-how will it affect Americans purchasing a car?
Trump applied a 25% tariff on imported auto vehicles from other countries and it will have a universal tariff of 10% on April 2.
Trump said he couldn’t care about the increase in prices due to the tariffs, according to CNN.
“I couldn’t care less if they raise prices, because people are going to start buying American cars,” Trump said.
The Trump administration will apply a tariff on auto parts within the next month, according to CNBC.
The administration is deciding how they’re planning to tariff auto parts being imported from other countries, according to NPR.
Trump said the auto industry will improve after the tariffs took place last week, according to NPR.
“I think our automobile business will flourish like it’s never flourished before,” Trump said.
Americans are possibly going to spend an extra $2,500-$5,000 on American vehicles and close to $20,000 on imported vehicles, according to CBS.
Trump wants americans to purchase American cars instead of imports, according to BBC.
“People are gonna buy American-made cars- we have plenty,” Trump said.
The Trump administration said the United States should have a similar policy to countries such as Germany that have a specific policy to protect their manufacturing industry, according to Wbur.
According to CNN, a $40,000 car imported from another country could have a large tax of $10,000.
In 2024, 40% of americans bought 13 million cars, and 40 million cars that were used cars, according to CNN.
About 16 million cars in the United States and auto parts such as engines and transmissions would be affected by the tariffs and auto parts, according to Reuters.
Trump said the stock market drop is going well on Thursday.
“I think it’s going very well,” Trump said. “We have an operation like when a patient gets operated on, and it’s a big thing. I said this would be the way it is,” according to ABC.
Peter Navarro, a senior counselor for trade and manufacturing, said that Americans should “trust in Trump” due to the new tariffs, according to BBC.
Mexico, Canada, South Korea, Japan and Germany are the largest countries to import cars in the United States, according to WCVB.
The new tariffs will affect autoworkers, as President Trump said the tariffs are going to create more jobs for autoworkers, which requires changes in production, according to WCVB.
The new tariffs could increase to 25%, which could be higher than a tariff that affected the Great Depression in 1930, according to AP News.
Car insurance premiums will be affected by the new tariffs, and they could increase by $2,759, and auto parts will have a higher price to fix a vehicle, according to CBS.
Popular car brands such as Tesla, General Motors, Stellantis, Toyota and Honda will be affected by the new tariffs, according to CBS.
Volkswagen will apply import fees on cars being shipped to the United States, and Stellantis will stop car production in Canada and Mexico, which will affect 900 production workers, as they will be laid off, according to CNBC.
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