Palm Beach, United States:
President Donald Trump said Tuesday that US tariffs on imported cars would be around 25 percent, providing new information on duties he is expected to unveil around April 2.
“It’ll be in the neighborhood of 25 percent,” Trump told reporters in Mar-a-Lago, while noting that the specifics would come in April.
Asked also about tariffs he has floated on sectors like pharmaceuticals, Trump added: “It’ll be 25 percent and higher, and it’ll go very substantially higher over (the) course of a year.”
He said that he wanted to give companies time to enter the US market.
On Tuesday, he said that he has been contacted by major companies, who “want to come back into the United States” given Washington’s stance on tariffs and tax incentives.
Trump has announced a range of levies since taking office in January, threatening to hit allies and adversaries alike.
He has not provided many details on the planned auto tariffs or those affecting other sectors like semiconductors and pharmaceuticals.
Experts have warned it is often Americans who end up paying the cost of tariffs on US imports, rather than foreign exporters.
About 50 percent of the cars sold in the United States are manufactured within the country. Among imports, about half come from Mexico and Canada and the other half from other major auto-producing countries.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
