Trump to impose 25 percent tariffs on all cars not made in the US
President Donald Trump has signed a proclamation imposing a 25 percent tariffs on "All cars that are not made in the United States" At the top of the taxes that are already available. Tariffs will be applied to all imported sedans, SUVs, crossovers, minovi, trucks and light trucks. They will also apply to key automotive components that are not made in the United States, including engines, transmissions, forceful parts and electrical components and can be expanded to cover additional parts if necessary. The new tariffs will come into force on April 2, and the US government expects to start gathering on April 3.
According to CNBCPresident assured automakers that there would be "Absolutely no tariff" For cars made in the US. The administration also provides automotive companies that import goods during the US-Mexico-Canada agreement to obtain certified parts of the United States so that additional taxes apply only to the value of their components that are not made. Trump first declared That its administration will impose 25 percent car import tariffs in February. At that time, he said the government intended to collect an additional 25 percent of taxes or higher in the import of semiconductors.
Trump’s White House Assistant Will Sharf said the new car rates would win the United States "Over $ 100 billion new annual revenue." European Commission President Ursula von der Leyen criticizes the US Government’s decision. "As I said, tariffs are taxes – bad for business, worse for consumers equally in the US and the European Union," She said in a statementS However, in the White House announcement, the administration insisted that tariffs are good for the country’s economy and will not lead to inflation or price increases.
This article originally appeared on Engadget at https://www.engadget.com/transportation/trump- to-impose-25-prcent-tarifs-on-ll- Cars-made-the-THE-120026997.html?src=
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