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Trade Changes/ Trump Announces New 25% Car Import Taxes

2025-03-27 15:48:00, Kosova & Bota CNA

Trade Changes/ Trump Announces New 25% Car Import Taxes

President Donald Trump has announced new import taxes of 25% on cars and car parts coming into the US.

Trump said the latest tariffs would take effect on April 2, with tariffs on businesses that import vehicles. The duties on parts are set to begin in May or later.

The president said the move would lead to tremendous growth for the industry, promising it would boost jobs and investment in the US.

Trump's latest move brings another change to global auto trade and supply chains.

The US imported around eight million cars last year, accounting for around $240 billion or £186 billion in trade and roughly half of total sales.

Mexico is the leading supplier of cars to the US, followed by South Korea, Japan, Canada and Germany.

Many American car companies also have units in Mexico and Canada, established under the terms of the long-standing free trade agreement between them.

New tariffs on auto parts from Canada and Mexico are exempt as U.S. Customs and Border Patrol have set up a system to assess the duties, the White House said. The neighboring countries see billions worth of goods crossing their borders every day.

The announcement had immediate repercussions, as General Motors shares fell nearly 3% on Wednesday before the announcement, while Stellantis, the owner of Jeep and Chrysler, fell 3.6%. /CNA

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