US President Donald Trump announced that he will raise tariffs on imported cars soon to stimulate domestic production.
Trump announced the following agenda while attending a bill signing ceremony.
Immediately after the statement was made, shares of US auto companies continued to fall, with Ford down 1.6% and General Motors down 1.5%.
Trump's auto tariffs have hurt the industry, with GM recently estimating that 2025 revenue could be boosted by $5 billion as a result of the levies.
US car companies described negotiations with the Trump administration as productive after the White House reduced tariffs on parts, although they still face the cost of duties on vehicles from South Korea.
Trump also imposed new levies on steel and aluminum and taxes on various trading partners, increasing pressure on the business sector.
