John Lonesky Group’s president, while appearing in “Varney & Co.”, breaks down President Donald Trump’s economic agenda.
President Donald Trump on Tuesday plans to impose automobile fares “nearly 25%” and plans to support international trade with similar tariffs on semiconductors and drug imports in his latest move. He said that.
Trump said Friday that motor vehicle rates will come soon on April 2, the day after reviews through a control over various import tax options.
The president has long criticised what he called the unfair treatment of US automobile exports in foreign markets.
For example, the European Union collects 10% tariffs on vehicle imports that are four times the US passenger car rate 2.5%. However, the US collects 25% tariffs on pickup trucks from countries outside Mexico and Canada. This is a policy that helps keep pickup trucks in a beneficial segment for US automakers.
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President Donald Trump said he plans to impose high tariffs on cars, semiconductors and drugs. (Andrew Harnik / Getty Images / Getty Images)
EU trade chief Maros Sefcovic meets with US counterparts on Wednesday, including Washington’s US trade representative Jamieson Greer and Trump’s candidate Secretary of Commerce Howard Lutnick, who serves as National Economic Council director Kevin Hassett It is expected to be.
When asked if the EU could avoid mutual tariffs, Trump has denied doing so, but claimed that the EU signaled plans to reduce tariffs on US cars to US fares . He also said he would declare EU officials to increase US imports of cars and other products.
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Semiconductors will be subject to tariffs based on Trump’s plan. (VCG/VCG via Getty Images)
On Tuesday, Trump told reporters for his Mar-a-Lago Estate in Florida that tariffs on drugs and semiconductor chips will also start at “more than 25%,” and will rise significantly over the year.
Trump has not specified a date to announce these obligations and said he wants to provide time to set up US factories so drug and shipmakers can avoid tariffs. He also said he hopes some of the world’s biggest companies will announce new investments in the US in the coming weeks, but he did not provide further details.
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According to Trump’s plans, car rates could increase by 25% for imported cars from April to April. (Getty Images/Emily Elconin via Getty Images/Bloomberg)
Since taking office on January 20th, Trump has imposed a 10% tariff on all imports from China, in addition to existing tariffs, due to his role in fentanyl trafficking.
Trump also announced a 25% tariff on goods from Mexico and a non-energy import from Canada, but taxed Canadian oil and gas at a 10% tax rate. He delayed these tariffs until at least early March after the two countries announced border security measures.
He also announced the March 12 start date for 25% tariffs on all imported steel and aluminum, ending exemptions from Canada, Mexico, the EU and other trading partners. Trump also showed that these tariffs apply to downstream products made of steel and aluminum, such as electrical conduit tubes and bulldozer blades.
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Trump’s mutual tariff plan was announced last week, starting with his economic adviser, and plans to match US tariffs to US tariffs for each product.
Reuters contributed to this report.
