US President Donald Trump has announced new 25% tariffs on cars and car parts entering the US, starting April 2. The move aims to promote American-made vehicles and increase revenue for domestic manufacturers.
However, analysts warn that the tariffs could lead to temporary shutdowns of US car production and increased prices for consumers. Trump responded by saying he hopes foreign carmakers will raise prices, allowing Americans to buy domestic products.
The President also threatened secondary tariffs on Russian oil if Vladimir Putin fails to make progress in Ukraine peace talks. This move has strained relations with major trading partners, including the UK, Germany, France, and Canada, who have vowed to retaliate against US tariffs.
In a recent interview, Trump expressed confidence that his policies will lead to prosperity and price stability. His senior counsellor for trade, Peter Navarro, also defended the tariffs, stating they are necessary to return manufacturing to the US.
Source: https://www.bbc.com/news/articles/cgrgj51gl25o