Photo: Alamy
President Trump has revealed his plans to impose 25 percent tariffs on vehicles imported to the U.S. from other countries.
Trump made the announcement on Wednesday as he signed the executive order for the imposition of the tariff policy. Trump noted that his administration’s tariff policy marked a distinct change from the policies of previous presidential administrations.
“This is the beginning of liberation day in America,” Trump said. “We’re going to take back just some of the money that has been taken from us by people sitting behind this desk. We’re going to charge countries for doing business in our country and taking our jobs, taking our wealth.”
Trump said the tariff rate was relatively small and pointed out the positive effect his tariff policies have had on investment within the United States.
“This is very modest. What we’re going to be doing is a 25% tariff on all cars that are not made in the United States,” Trump said. “We start off with a 2.5% base, which is what we were at, and we go to 25%. Basically, as you know, and as you can see, not reported as accurately as it should be reported because it’s a massive story, business is coming back to the United States so that they don’t have to pay tariffs.”
President Trump pointed out the efforts of his administration to streamline the process of setting up these businesses for companies that return to the U.S.
“We’re getting early electricity taken care of. We’re getting permits very quickly for them, and we’re going to make their life very happy. They’re coming in with tens of billions of dollars,” Trump said. “This is the automobile industry and this will continue to spur growth like you haven’t seen. Before I was elected, we were losing all of our plants. They were being built in Mexico and Canada and other places. Now those plants largely have stopped and they’re moving them to our country.”
Trump announced the tariffs will go into effect on April 2, which he referred to as “the real liberation day of America.”
“I look forward to it…this is very exciting,” Trump said. “I think our automobile business will flourish like it’s never flourished before.”