Source: Reuters
“Asian auto stocks led markets lower on Thursday after U.S. President Donald Trump unveiled a 25% tariff on imported vehicles, expanding a global trade war and prompting criticism and threats of retaliation from affected U.S. allies. The new levies on cars and light trucks will take effect on April 3, the day after Trump plans to announce reciprocal tariffs aimed at [American buyers of goods from] the countries responsible for the bulk of the U.S. trade deficit. They come on top of duties already introduced on steel and aluminum, and on goods from Mexico, Canada and China. … The Center for Automotive Research said the new levies were expected to cost car buyers thousands of dollars more, hitting new vehicle sales and resulting in job losses, since the U.S. automotive industry relies heavily on imported parts. … Trump’s directive included temporary exemptions for auto parts while government officials sort through the complexities of turning his proclamation into practice.” (03/26/25)