VIDEO: Trump Announces 25% Foreign Auto Tariff

VIDEO: Trump Announces 25% Foreign Auto Tariff

President Donald Trump announced a 25% tariff on foreign autos and auto parts at a Rose Garden event on Wednesday.

The tariff will go into effect at midnight.

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Trump also announced a baseline 10% tariff on U.S. imports, with steeper reciprocal levies on goods from Europe, China, Japan and more than 50 other nations.

Bloomberg writes, "...Trump announced reciprocal tariffs Wednesday, saying he would apply a minimum 10% levy on all exporters to the US. The Republican asserted that dozens of countries with the largest trade imbalances will face even higher rates. According to Trump, the European Union will be subject to a 20% levy, China a 34% rate and Vietnam a 46% tariff. Alluding to how much if not most of the administration’s threats and implementation of tariffs is a negotiating gambit, Trump, 78, indicated he would consider lowering rates if other nations remove trade barriers on US exports. The stock market plummeted in late trading on the news."

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