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Trump to impose 25% tariff on all automobiles and foreign auto parts brought into the U.S.
The president had indicated he was receptive to pleas from U.S. automakers that tariffs would harm their businesses.
The new duties were announced a week before Trump's planned "Liberation Day" on April 2, when he has promised to roll out a bevy of new tariffs against many of America's largest trading partners, including longtime allies, that will affect a broad range of goods. While some economic indicators have suggested the American economy remains in solid shape, the Commerce Department reported Tuesday that orders for business equipment placed with U.S. factories unexpectedly declined 0.3% last month, the first drop since October. Meanwhile, S&P Global reported this week that U.S. manufacturing activity slipped back into contraction territory, thanks to a rise in materials costs related to tariffs, while the outlook for the services sector deteriorated.
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