President Donald Trump is slapping a new 25 percent tariff on all foreign-made cars as he tries to spur business in the United States.
‘What we’re gonna be doing is a 25 percent tariffs on all cars that are not made in the United States,’ Trump told reporters in the Oval Office.
‘Business is coming back to the United States,’ he declared.
Trump said that the tariff that will go into effect on April 2 will impact both ‘friends and foes’ of the U.S. and is considered ‘modest.’
The president is signing an executive order to help the auto industry ‘flourish like never before.’
‘It will lead to tremendous growth in the automobile industry,’ the president added.
Trump downplayed fears that Americans will see higher prices due to the new tariff, saying ‘we’re going to have the best economy ever.’
Experts have estimated that the price of cars will rise by thousands of dollars due to Trump’s action.
According to the Anderson Economic Group the cost of a car that’s built in the U.S. – but requires foreign parts – could also cost more due to the tariffs.
Very simple, if other countries want our tariffs lowered, they will lower theirs.