Trump announces 25% tariffs on foreign-made cars [CBS News]
General Motors Company (GM)
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Source: CBS News
"This will continue to spur growth like you haven't seen before," Mr. Trump said from the Oval Office Wednesday afternoon. "We'll effectively be charging a 25% tariff. But if you build your car in the United States, there is no tariff." Mr. Trump said the new auto tariffs will take effect on April 2 and that the U.S. would start collecting the duties the following day. The president added he believes the new import duty could raise between $600 billion and $1 trillion in revenue for the U.S. over the next two years. "This number will be used to reduce debt greatly," Mr. Trump said. "Basically I view it as reducing taxes and reducing debt." White House staff secretary Will Scharf, who stood next to Mr. Trump during the announcement, offered a more conserv
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