Trump bursts tariff bomb! Price of foreign cars will increase in America, 25 percent tax imposed

New Delhi. American President Donald Trump has announced that a 25% tariff will be imposed on all foreign cars imported into the US. The US President has also made it clear that this tariff decision is permanent. Trump said that the US will effectively impose a 25% tariff on all cars that are not made in the country. He said, but if you make your car in America, there will be no tariff on it. This decision to impose new import duty will come into effect from April 2 and its recovery will start from April 3.

Trump’s big announcement
During a program in the Oval Office, Trump said, ‘We are going to impose a 25 percent duty on all cars that are not made in America.’ He also said that this policy will promote domestic manufacturing and if the cars are made in America, there will be no duty on them.

Buying a car in America became expensive?
Experts believe that this move can disrupt the supply chain of automakers and American customers may have to face inflation.

What is Trump’s full plan?
This announcement has come at a time when the Trump administration is considering various measures to reduce trade imbalance and boost domestic production. However, such tariffs can increase tensions in global trade relations. It is worth noting that Trump is going to unveil major trade-related measures soon. Let us tell you that on April 2, he has termed ‘Liberation Day’. On this day Trump is planning to impose many new tariffs.

How much role did Musk play in Trump’s decision?
Amid ongoing speculation about the role of Tesla CEO Elon Musk in this decision, Trump clarified that Musk had no contribution in making the auto tariff policy. Trump said, Musk did not give any advice on auto tariffs. He also said, Musk never asked me for any favor.

Trump also said that he had discussed this policy with major auto manufacturers and claimed that these tariffs would be balanced overall or perhaps even beneficial for Tesla.

‘I can give China a little concession in tariffs’
Donald Trump indicated that he could give China a minor concession in tariffs to reach a deal regarding Chinese-owned social media platform TikTok. He also said that if necessary, he is ready to extend the deadline for the agreement.

Trump told reporters, ‘In the case of TikTok, China will have to play a role in this in some form, perhaps in the form of approval and I think they will do that. Maybe I will give them a little concession in tariffs or do something else to get it done.’

Trump’s interest in TikTok
Let us tell you that the Trump administration has increased trade restrictions on China citing economic and national security concerns, in which Chinese ownership of TikTok remains a big issue.

Talking on the ongoing talks, Trump said that there are many ways to buy TikTok and also told that there is a lot of interest in TikTok.