Trump slaps 25% tariffs on auto imports, says countries will be ‘pleasantly surprised’ by reciprocal duties
President Trump’s tariffs are reshaping US trade policy and overhauling decades of free-trade agreements with friend and foe alike.
In the latest escalation of his trade war, Trump on Wednesday announced 25% tariffs on all foreign-made vehicles, which he said would take effect on April 2.
Trump has been referring to that day as “Liberation Day,” when he has promised to impose so-called retaliatory tariffs on all US trade partners.
The market is keen to find out how broad those duties will end up, and Trump has provided mixed signals. He has sent mixed signals on flexibility, but said Wednesday that “people are going to be pleasantly surprised” at how “fair” and “nice” the duties are to other countries. Trump said he would hold a news conference on the reciprocal tariffs next week.
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Here’s the latest on where things stand on various other, related fronts:
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Steel and aluminum: A 25% US tariff on imports of steel and aluminum from all countries took effect on Wednesday, March 12.
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European Union: The EU has responded to those metals duties with counter-tariffs on $28 billion in US goods from April, bringing Trump’s trade war across the Atlantic. However, the EU delayed the implementation of some of those tariffs until mid-April — including a 50% duty on American whiskey, which had prompted Trump to threaten a 200% tariff on European spirits.
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Canada and Mexico: Trump’s 25% across-the-board tariffs on its US neighbors went into effect on Tuesday, March 4. Just two days later, Trump confirmed the US would pause tariffs on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. For its part, Canada retaliated to the steel and aluminum tariffs with new duties on about $20 billion of US goods. The two countries have agreed to new trade talks.
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China: Trump has enacted new blanket tariffs of around 20% on top of existing 10% duties that went into place during Trump’s first term. China has responded with up to 15% duties on US farm goods such as chicken and pork, which went into effect Monday, March 10.
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Venezuela: Trump said the US will impose a “secondary tariff” on Venezuela, to take effect on April 2 — any country that buys oil or gas from Venezuela would face a 25% tariff when trading with the US.
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Original article source: Trump slaps 25% tariffs on auto imports, says countries will be ‘pleasantly surprised’ by reciprocal duties
