US President Donald Trump has hinted at imposing tariffs on automobiles as early as April 2, continuing his aggressive trade policy. The move follows a series of trade actions since his second term began, including tariffs on all Chinese imports and delayed tariffs on Mexican and Canadian goods.
In an executive order signing session on Friday, Trump suggested that auto tariffs could be implemented to boost the competitiveness of American goods in global markets. Ford Motor’s Chief Executive Jim Farley praised the idea, saying it is “an important step forward” for strengthening the US auto industry.
However, this move has sparked concerns among businesses and politicians alike. Senate Minority Leader Mitch McConnell (R-Ky.) recently voiced his apprehensions about the potential price hikes and trade wars that could result from Trump’s tariff proposals.
The automotive industry has already faced significant uncertainty due to proposed tariffs on imports from Mexico and Canada. Last month, Trump also canceled the electric vehicle tax credits, which have been advocated for a gradual phase-out by rivals such as General Motors and Ford.
As the US auto industry continues to navigate these trade uncertainties, one thing is clear: the impact of Trump’s tariff policies will be closely watched.
Source: https://www.benzinga.com/tech/25/02/43755055/tesla-ford-gm-in-focus-after-tariffs-on-china-mexico-and-canada-trump-now-eyes-auto-industry-for-next-move