Trump's announcement of the 25% auto tariffs was earlier. I've summarised the main points, as Trump covered a lot of separate ground (lumber, drugs, April 2 etc) and it was all a bit jumbled.
- a new 25% tariff on all cars and light trucks not manufactured in the United States
- will be on top of any existing tariffs
- the tariffs will remain in place throughout his 4-year term
- Trump wants to encourage domestic auto production, have manufacturers build plants in the US
- auto tariffs are set to take effect on April 2nd
- tariff collections begin April 3rd
- the administration is seeking approval for a tax deduction on interest payments for car loans—if the vehicle is made in America
- parts made in America but assembled into foreign-made cars will not be subject to tariffs
US equity index trade has resumed on Globex, opening lower.
Musk will be happy.
