Trump to Announce New Tariffs on Automobile Imports

President Trump is set to announce new tariffs on automobile imports on Wednesday, potentially implementing a 25% tariff. This move aims to address the U.S. trade deficit, though details remain unclear. The news has already impacted automaker stocks negatively.

U.S. President Donald Trump is preparing to announce new tariffs on automobile imports at a press conference scheduled for Wednesday afternoon, according to the White House.

Earlier in the week, Trump indicated that the long-promised tariffs could materialize soon, even before reciprocal tariffs targeting nations contributing significantly to the U.S. trade deficit take effect on April 2. Details concerning the scope of these tariffs are still pending from the White House.

In February, Trump suggested a 25% tariff on imported vehicles but has not provided further information. Industry insiders and ex-officials anticipate the administration will justify these measures based on a previous investigation conducted during Trump's first term. News of the planned press conference has already caused a decline in the stock prices of U.S.-listed automakers.

(With inputs from agencies.)