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| Trump to impose 25% tariffs on imported cars and parts |
US President Donald Trump has imposed a 25% tariff on imported cars and auto parts. The decision will come into effect from April 2.
The US President signed an executive order on Wednesday (March 26). This was revealed in a report by Reuters.
Trump claimed that the implementation of the decision would increase domestic production as well as jobs and investment in the United States.
However, experts say that increasing the duty on imported cars can significantly reduce the production of cars in the country. This could drive up prices.
On the other hand, European Commission President Ursula von der Leyen described the move as bad for businesses and worse for consumers. Canadian Prime Minister Mark Carney called it a direct attack on Canadian workers.
According to government data, about 8 million cars were imported into the United States last year. Its market value is $240 billion. Mexico is the largest exporter. It is followed by South Korea, Japan, Canada and Germany.
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