Trump tariffs: 25% rates on imported cars come into effect on Thursday 3

President Donald Trump This Wednesday, 2, So far your largest import duty packageThis can seriously affect global trade. And because the situation is more tension Import tariffs Automobiles will come into effect on Thursday, 3. An additional 25%tax is imposed for vehicles.

The new rate applies to some auto parts, such as passenger cars and ready picks, as well as engines.

Already the rule of parts will be implemented until May 3 and there are some exceptions. American brands made abroad are also taxed.

The change will help to increase the number of industries producing vehicles in the United States, the president said. “This is very exciting. This can lead to tremendous growth in the automotive industry,” he told journalists by announcing a change in the Oval Hall.

According to data from about half of the vehicles sold in the United States, about 8 million units are manufactured abroad, according to data from the White House.

The tariffs declared on imports from Canada and Mexico have threatened the American automotive sector, which has been postponed. In the United States, car production depends on pieces of neighboring countries and the cost of production increases significantly.

Cars who are for the US

By 2024, the US imported $ 474 billion in automotive products, $ 220 billion in passenger cars, according to Reuters.

Most of the vehicles in the US market are Mexico (22.8%), Japan (18.6%), South Korea, 17.3%), Canada (12.9%) and Germany (11.7%).

The Trump administration has complained that other countries are unevenly collecting US vehicles and often citing the European Union, which rates US cars 10%. US and European charges a 2.5% rate on passenger cars.

However, the US collects 25% imported pickups, one of the favorite styles of US users, which helps to ensure the dominance of this section for brands like Ford and GM.

The 2019 commercial department study in the first Trump government suggested that foreign car imports were “high and weakening US companies to produce and invent vehicles. With this, the country loses its ability to produce military vehicles, which will endure national security.

Source link