Early April Will See New Car Import Taxes Under Trump

The auto tariffs could apply to vehicles from Europe, Japan and South Korea, for example. About half of the U.S. auto market last year consisted of imported cars. For example, major auto companies such as Germany’s Volkswagen and South Korea’s Kia-Hyundai export many cars to the U.S.

Trump announced on Thursday that so-called reciprocal import duties will also be implemented in early April. These duties will be imposed on countries that already impose import tariffs on American products. According to the president, these new tariffs will ensure “fairness” in American trade.

Earlier, he signed an executive order that would see the US impose a 25 percent tax on aluminium and steel in March. He also imposed additional import duties on products from China. Tariffs against Canada and Mexico were postponed for a month after negotiations.

The European Union has already said that tariffs on European goods will “not go unanswered”. According to Brussels, trade tariffs are a “step in the wrong direction” and the European Commission will respond “strongly and immediately”. The EU may impose additional tariffs on American goods. China has already retaliated against the US by imposing tariffs.

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