US President Donald Trump has announced new tariff plans for cars and their parts. According to the new release 25% tariff will be applied on imported cars and car parts. This new tariff plan will be activated from April 2 for vehicles and in May for parts. The move aims to boost domestic manufacturing and job creation.
While announcing this Trump said, “If you build your car in the United States, there is no tariff”. So the aim is too boost car production in the United States.
The announcement has sparked concerns among global leaders and industry experts.
Because of this new plan the car prices in US can witness a hike of $4,000–$10,000 per vehicle. But on the anothe side United Auto Workers union supported this move by US administration. They said it will help to protect American jobs.
As global trade tensions rise, the change in US policy can be a big change. Stay tuned for updates.
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