U.S. President Donald Trump is seen holding paperwork he signed during an Ambassador Meeting in the Cabinet Room of the White House on March 25, 2025, in Washington, DC.
Win McNamee | Getty Images
According to the White House, President Donald Trump is set to announce new tariffs on automobile imports this Wednesday.
White House press secretary Karoline Leavitt confirmed that Trump will reveal the new tariffs during a press conference scheduled for 4 p.m. ET in the Oval Office.
On Monday, Trump indicated that the auto tariffs might be introduced before April 2, when his comprehensive “reciprocal tariff” initiative is expected to launch.
“We’ll be announcing that fairly soon over the next few days, probably, and then April 2 comes, that’ll be reciprocal tariffs,” he remarked during a Cabinet meeting.
Following the announcement of the new tariff plans, stocks dropped to their lowest levels of the session.
A truck transporting vehicles is preparing to cross into the U.S. from Canada at the Ambassador Bridge in Windsor, Ontario, on March 8, 2025.
Geoff Robins | Afp | Getty Images
Trump has consistently indicated his intentions to impose substantial tariffs on foreign trading allies. However, his unpredictable policy announcements have caused turbulence in the stock market and left business leaders unsure about future planning.
Trump has characterized April 2 as “liberation day” and “the big one.” Initially, his plan involved imposing reciprocal tariffs on all nations that maintain their own import duties on U.S. goods, alongside additional tariffs targeting unfavorable trade practices like value-added taxes.
Recently, Trump and his aides have suggested that the tariffs slated for April 2 may be less severe than initially anticipated.
On Friday, Trump mentioned that “there’ll be flexibility” regarding those tariffs and indicated on Tuesday night that the duties may be more “lenient than reciprocal.” Treasury Secretary Scott Bessent noted last week that nations could engage in pre-negotiations with the U.S. to potentially avoid new tariffs on April 2.
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