U.S. President Donald Trump plans to hold a press conference on Wednesday afternoon to announce tariffs on automobile imports, the White House said.
Trump had said on Monday that the long-promised tariffs on imported cars could come this week, even before a swath of reciprocal tariffs aimed at the countries responsible for the bulk of the U.S. trade deficit on April 2.
- The White House has given no details on the extent of the expected tariffs.
Trump in February floated the idea of a 25 per cent tariff on imported vehicles but has offered no other details.
Industry experts and former U.S. officials expect the administration to rely on an investigation Trump used during his first term as justification for the new levies.
Shares of U.S.-listed automakers fell on news of the press conference.
Courtesy CP24