Tariffs Update

This week, the Trump Administration imposed reciprocal tariffs on key trading partners, including Canada, Mexico, China, and many European nations that have persistent trade deficits with the U.S. Last week, President Trump announced a plan to implement a 25 percent tariff on imported cars and light trucks. This measure will impact major trading partners such as Mexico, Canada, South Korea, Japan, and Germany. In 2024, the United States imported $214 billion worth of passenger cars. The tariffs will be levied on finished automobiles, excluding auto parts, and will take effect on April 3.