Investing.com -- President Donald Trump announced on Friday his intention to impose tariffs on imported cars, with the plan expected to be put into action around April 2. The announcement was made from the Oval Office.
Previously on Thursday, Trump had issued a memo instructing his team to begin calculating duties equivalent to those charged by other countries. The memo also directed the team to address non-tariff barriers that currently exclude U.S. automobiles, such as vehicle safety rules, as well as value-added taxes that escalate their cost.
Despite the directive issued on Thursday, no additional tariffs were imposed immediately. Instead, the directive initiated what could potentially be a lengthy process of investigation into the tariffs placed on U.S. goods by other trading partners, followed by the formulation of a response.
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