President Donald Trump signed a proclamation Wednesday levying an additional 25 percent tariffs on imports of cars and light trucks, sending car company stocks lower.
“So we’ll effectively be charging a 25 percent tariff, but if you build your car in the United States, there’s no tariff,” Trump said to reporters Wednesday at the White House. “I think our automobile business will flourish like it’s never flourished before.”
The tariffs will be “permanent,” Trump said. A White House aide said the move would raise $100 billion in revenue in the first year. A White House official said on a press call after the announcement that the tariffs would take effect April 3.
