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Trump Is Wrong on Tariffs: Former Senator Pat Toomey (R-PA)
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April 3, 2025
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8:02Now PlayingFormer Pennsylvania Senator Pat Toomey said Trump's "arbitrary and capricious" approach to setting tariffs will raise prices and cost jobs in the US.
Just hours after taking effect, President Donald Trump’s 25% tariffs on imported cars are already reverberating around the globe.
Jeep-maker Stellantis NV plans to temporarily halt some production in Canada and Mexico. Ford Motor Co. began offering steep discounts to keep customers coming to showrooms. Volkswagen AG warned dealers that it will tack on import fees to the vehicles it ships to the US, while Toyota Motor Corp. is cutting overtime at a factory in Mexico.
The moves show the immediate fallout from car tariffs that took effect shortly after midnight in Washington. The levies, part of a broader trade war, are expected to upend supply chains and add thousands of dollars in costs to most vehicle models.
Canada responded with plans to slap a 25% retaliatory duty on US-made vehicles, Prime Minister Mark Carney announced on Thursday.
Automaker shares fell along with the rest of the market after trading began Thursday. General Motors Co. was down 3.3% at 11:03 a.m. in New York, Ford tumbled 4.4% and Stellantis declined 7.4%. Electric-vehicle maker Tesla Inc., which analysts expect to be relatively less impacted by tariffs, dropped 6.9%.
The implementation came shortly after Trump said the US would impose a 10% tariff on every country that exports to the US, plus additional duties targeting about 60 nations. Although imported cars and parts are exempt from those so-called reciprocal tariffs, carmakers are already reeling from Trump’s escalating trade war.
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