Business

As Auto Tariffs Take Effect, Automakers Shift Gears

Share prices of U.S. and foreign automakers slump a day after Trump’s tariff announcement.
As Auto Tariffs Take Effect, Automakers Shift Gears
Cars for export before being loaded onto a ship at a port in Yantai, in eastern China's Shandong province on April 3, 2025. AFP via Getty Images
Andrew Moran
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President Donald Trump’s 25 percent tariffs on automobiles not made in the United States have taken effect.

At the much-anticipated April 2 “Make America Wealthy Again” event, Trump confirmed that levies on imported vehicles would go into effect at midnight. The White House will also implement higher import duties on car parts such as engines and transmissions on May 3.

Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."