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US President Donald Trump on Wednesday announced a 25% tariff on cars imported from abroad. Trump claims that the move will boost the manufacturing sector in the US. White hopes that this will increase revenue by $ 100 billion annually.
It will be implemented from 1 April. The stock of the US automobile company General Motors declined by 3% on Wednesday. At the same time, the shares of Jeep and Chrysler’s owner company Stalantis also fell nearly 3.6%.
Trump argues that this will open new factories in the US. Different auto parts and prepared vehicles built in Canada and Mexico will now be built in the US. Trump has said that his decision is permanent.
Canadian Prime Minister Mark Carney has criticized Trump’s decision to put a tariff. He said that this is a direct attack, we will protect our workers and companies.
The US imported about 8 million cars last year.
Car prices may rise in America
According to reports, the average price of new cars in the US is already around US $ 49,000. If new tariffs are applied, their weight is put on customers, then the price of car imported cars can increase by $ 12500.
According to the news agency PTI, this tariff may increase the cost of vehicle manufacturers and a decline in sales. American car companies import many of their auto parts from other countries.
European Commission President Ursula von Dar Leien also expressed grief over the US decision. He said that tariffs are bad for businesses and worse for customers.
Trump will impose tit tariffs on all countries from 2 April
Donald Trump will impose tit tariffs on all countries including India from April 2. Trump said in a speech in Parliament this month that India charges more than 100% tariffs from us, we are going to do the same from next month.
Trump believes that other countries are cheating America by putting a lot of tariffs in the US. Like other countries, imposing import tax will lead to fair trade and increase in earnings in the US government.
If the US increases the tariff on India, it will harm. India does more than 17% of foreign trade with America. America is the largest buyer of agricultural products in India like fruits and vegetables.
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