On Air Now:
Now Playing:Loading...
site loader
February 19, 2025 Trump will impose 25% tariffs on electronics, cars, and medications.

President Donald Trump of the United States on Tuesday said he expects to slap auto tariffs in the neighborhood of 25% and equivalent taxes on semiconductors and pharmaceutical imports.

According to reports, this is the most recent in a string of actions that could disrupt global trade.

In an effort to restructure international trade, Trump stated on Friday that taxes on cars would be implemented as early as April 2, the day after cabinet members are scheduled to present him with studies detailing options for a variety of import duties.

The US president has long railed against what he calls the unfair treatment of US automotive exports in foreign markets. The European Union, for instance, collects a 10% duty on vehicle imports, four times the U.S. passenger car tariff rate of 2.5%. The US, though, collects a 25% tariff on pickup trucks from countries other than Mexico and Canada, a tax that makes the vehicles highly profitable for Detroit automakers. Meanwhile, European Union trade chief Maros Sefcovic will meet with US counterparts – Commerce Secretary Howard Lutnick, Trump’s nominee to be US Trade Representative Jamieson Greer and National Economic Council director Kevin Hassett in Washington on Wednesday to discuss the various tariffs threatened by Trump.

When asked whether the EU could escape retaliatory tariffs he suggested last week, Trump reaffirmed his claim that the EU had already signaled it would cut its tariffs on US autos to the US rate, although EU parliamentarians have denied doing so.

He promised to put pressure on EU leaders to boost US auto and other imports.

Leave a Reply

Your email address will not be published. Required fields are marked *

Rating*

Watch Live

x
PHP Code Snippets Powered By : XYZScripts.com
X