TRUMP TO LAUNCH NEW $100 BILLION MAGA TARIFFS AS PROMISED

Trump says 'rip offs' end April 2 as start of 25 percent duties on auto imports begin

YAHOO NEWS
March 27, 2025

President Trump made good on his promise to impose tariffs on foreign automakers, imposing 25% duties on all cars and light trucks not made in the United States, as well as "certain auto parts."

“This will continue to spur growth that you’ve never seen before," Trump said from the White House on Wednesday, signing an executive order putting the tariffs in place.

The 25% tariffs are set to take effect April 2 and add to existing tariffs. The White House estimates that $100 billion in annual duties will be collected.

White House press secretary Karoline Leavitt said Trump would make the announcement earlier today during a news briefing with reporters. Shares of GM (GM), Stellantis (STLA), Ford (F) and Tesla (TSLA) traded lower in the aftermarket following Trump making the tariffs official. BMW (BMW.DE), Porsche (P911.DE), Volkswagen (VOW.DE), and Mercedes-Benz (MBG.DE) trading in Germany dropped earlier in the day following Leavitt's news conference.

Though the new tariffs will hit mostly foreign automakers, domestic automakers, including the Big Three — Ford, GM, and Stellantis — are concerned about their impact too. GM, Ford, and Stellantis build vehicles in Canada, Mexico, and China, and they foresee higher production costs due to tariffs' effect on the auto supply chain.

Wednesday's tariffs seem to initially target only finished auto products, however the executive order and published fact sheet added parts like "engines, transmissions, powertrain parts, and electrical components" to the list of foreign goods subject to tariffs.

Trump has deemed April 2, the day on which he is slated to announce further tariffs, "Liberation Day" for the US, saying other countries have "ripped [us] off" and that any new tariffs are "reciprocal."

Wires photo