President Donald Trump announced plans to impose 25% tariffs on imported automobiles, with the auto tariffs taking effect April 2.
"It'll be 25% and higher and it'll go very substantially higher over the course of a year, but we want to give them time to come in because, as you know, when they come into the United States and they have their plant or factory here, there is no tariff," Trump said during a Tuesday news conference.
According to a report from Supply Chain Drive, Trump said of the April 2 date that he felt a "little superstitious" about implementing them on April Fools' Day. The new tariffs also include semiconductors and pharmaceuticals. This follows Trump's earlier executive order imposing 25% tariffs on foreign steel and aluminum.
