US President Donald Trump announced on Tuesday that he plans to impose up to 25% car tariffs. Similar tariffs are also scheduled for imports of semiconductors (chips) and pharmaceuticals. Reuters reports that this is one of his latest initiatives to restructure the international trading system.
On Friday, Trump said that new tariffs on car imports could take effect as early as April 2 after members of his administration submit relevant reports.
Trump seeks to restructure the global trading system. He has repeatedly criticized what he calls unfair conditions for US auto exports.
For example, the European Union imposes a 10% tariff on car imports, four times higher than the US tariff of 2.5%.
European Union Trade Commissioner Maroš Šefčovič will meet with US officials in Washington on Wednesday to discuss possible new tariffs.
