In his joint address to Congress March 4, President Donald Trump said he wants to make interest payments on loans for vehicles made in the USA tax deductible, but experts are unclear which cars that policy would apply to since all automakers rely on parts from outside the U.S.
According to Ivan Drury, director of insights at automotive research site Edmunds, cars assembled in the U.S. won't necessarily be safe from tariffs, due to manufacturers relying on foreign imports. Nissan, for example, has suppliers from all over the world, with many of them providing up to 70% or 80% of parts.
CBS News is tracking the already sharply rising cost of products most impacted by tariffs imposed and soon-to-be-imposed by President Trump, from the cost of common grocery items to the the purchase and operation of cars and trucks.
Car prices are about to shoot higher. That’s because a 25% tariff across all cars that the United States imports is set to take effect on April 3. And not long after, a 25% tariff on most foreign-made car parts is set to take effect.
The man was hit as he was exiting his vehicle outside a Tesla dealership in Idaho, during a political demonstration at the location on Saturday afternoon.
President Donald Trump spoke with NBC on Saturday about impending auto tariffs and the Signal group chat scandal.
President Donald Trump’s 25% tariffs on autos not made in the U.S. and certain auto parts will send ripple effects through an industry that is already being pummeled by steel and aluminum import duties and on-again,
With sweeping auto levies, the president is putting his beliefs about tariffs into practice on the global economy. Economists aren’t optimistic.