US President Donald Trump on Wednesday announced a new round of sweeping tariffs, part of what he has branded his ‘Liberation Day’ plan, raising concerns over a potential global trade war.
Washington is introducing customs duties on all countries based on the principle of reciprocity, Trump has announced, calling it a day of economic independence for the United States.
The president confirmed that the 25% global tariffs on cars and trucks will take effect as scheduled on Thursday, while duties on imported automotive parts is set to begin on May 3.
In his speech at the Rose Garden, Trump complained that “none of our companies are allowed to go into other countries.”
“That’s why, effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” he declared.