Updates: Policy/News/Markets, March 27, 2025
— Trump slaps 25% tariff on foreign-made cars: “Build in the U.S. or pay the price.” In a major shakeup for the auto industry, President Trump announced Wednesday a sweeping 25% tariff on all cars and light trucks not built within the United States. The move, revealed during a press conference from the Oval Office, marks a bold escalation in the administration’s ongoing push to revive domestic manufacturing. “We’ll effectively be charging a 25% tariff, but if you build your car in the United States, there is no tariff,” Trump told reporters. “What that means is a lot of foreign car companies are going to be in great shape because they’ve already built their plant, but their plants are underutilized, so they’ll be able to expand them inexpensively and quickly.” Link to fact sheet. Link to proclamation.