Trump levies 25% tariff on foreign cars

President Donald Trump signed an executive order on Wednesday to place a 25% tariff on all imported cars. The order marked a substantial jump from the previous 2.5% charge on vehicles not made in America, Trump noted. The president hinted at the new tariff while speaking at a Women’s History Month event earlier in the afternoon. America is going to take back decades worth of stolen money with tariffs and cars, he said.

Is this the same tariff he’s been teasing for April 2? Trump said he still plans to enact the long-teased reciprocal tariffs on April 2, which he dubbed Liberation Day. The president said he expected that his administration’s increased import taxes would generate between $600 billion to $1 trillion over the next two years. The increased tariffs will draw more manufacturers back to the United States and create large numbers of jobs in construction and auto manufacturing, the president insisted. A number of auto companies are already scouting out sites to set up operations, Trump said.

Dig deeper: Read Elizabeth Russell’s report on Trump temporarily pausing tariffs on Mexico and Canada earlier this month.