News Update
US President Donald Trump has announced plans for long-promised tariffs on automotive imports at a press conference on Wednesday.
This is anticipated to be a move that will further escalate the global trade war Trump initiated upon returning to the White House on 20 January 2025.
The White House has not provided details on the scope of the expected tariffs, including whether there will be any exemptions for vehicles or parts produced under the US-Canada-Mexico Agreement, the regional trade deal that Trump negotiated during his first term, which provides for largely duty-free trade with the US’s two largest trading partners.
The US President has indicated that tariffs could reach approximately 25%.
The Republican had stated on Monday that tariffs on imported cars could be introduced this week, ahead of plans to unveil a range of reciprocal tariffs aimed at countries responsible for the majority of the US trade deficit next week.
Trump and his economic advisers have pledged to announce those levies, and potentially some additional sectoral tariffs, on 2 April.
Industry experts and former US officials expect the administration to rely on an investigation Trump used during his first term to justify the new levies.
Shares of US-listed automakers fell following news of the press conference, amid concerns that tariffs would send shockwaves through a global automotive industry already struggling with uncertainty caused by Trump’s rapid-fire tariff threats and occasional reversals.
According to the Center for Automotive Research, tariffs could also increase car costs for consumers by thousands of dollars, impacting new vehicle sales and resulting in job losses, given that the US automotive industry relies heavily on imported parts.
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The US imported $474 billion worth of automotive products in 2024, including passenger cars worth $220 billion.
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