Trump expects to raise dollar 100 bn in tax revenues; Canada, Brazil oppose move
US President Donald Trump after the tariffs announcement at the White House. Pic/AFP
In a significant policy announcement from the Oval Office, US President Donald Trump has declared a 25 per cent tariff on all imported vehicles entering the US, a move he described as “very exciting” for domestic manufacturing.
ADVERTISEMENT
The tariffs, set to take effect on April 2, will impact nearly half of all vehicles sold in the US, including American brands assembled overseas. The wide-ranging measure aims to incentivise car manufacturers to establish more production facilities within US borders.
Honda’s passenger vehicles are loaded onto the cargo ship for export at the Chiba port in Narashino city, Japan. Pic/AFP
The White House claims the tariffs, which it expects to raise $100 billion in revenue annually, would foster domestic manufacturing but could also put a financial squeeze on automakers that depend on global supply chains. “This will continue to spur growth. We’ll effectively be charging a 25 per cent tariff,” Trump told reporters, asserting, “This is permanent!”
‘Direct attack on Canada’
Canadian Prime Minister Mark Carney on Wednesday said that the auto tariffs are a “direct attack” on his country and that the trade war is hurting Americans, noting that American consumer confidence is at a multi-year low. “This is a very direct attack. We will defend our workers. We will defend our companies. We will defend our country,” Carney said, adding that would see details of Trump’s executive order before taking retaliatory measures.
‘Consider potential harm’
Brazilian President Luiz Inacio Lula da Silva swiped on Thursday at President Trump’s decision saying Trump should consider the potential harm to the American and global economies. Lula made the comments while wrapping up a 4-day visit to Japan, where Trump’s decision on Wednesday to order 25 per cent tariffs on all car imports came as a severe blow given the country’s status as a major auto exporter and American ally. The US is the biggest destination for Japanese car exports.
MQ-9 drones for Qatar
The US has given an initial approval for the energy-rich Mideast nation of Qatar to buy eight armed MQ-9B Predator drones for its military, an estimated purchase worth nearly $2 billion. The State Department approval announced early on Thursday for Qatar comes after Doha had been trying to purchase the drones during the Biden administration, but hadn’t gotten the approval.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
