President Trump on Wednesday adjusted tariffs on foreign-made cars to impose 25% tariffs on “imported passenger vehicles (sedans, SUVs, crossovers, minivans, cargo vans) and light trucks, as well as key automobile parts (engines, transmissions, powertrain parts, and electrical components), with processes to expand tariffs on additional parts if necessary.”
This comes as the President’s executive order, which will impose sweeping reciprocal tariffs on every country that charges the United States taxes or tariffs on imported goods, is scheduled to take effect on April 2. The White House and President Trump have repeatedly referred to April 2 as “Liberation Day.”
Already, President Trump has brought trillions of dollars in American manufacturing investments back to the United States from overseas as companies seek to avoid tariffs.
As The Gateway Pundit reported on Monday, South Korean auto manufacturer Hyundai announced a $20 billion investment in American manufacturing to build its first-ever steel mill in the U.S., which President Trump said will produce “more than 2.7 million metric tons of steel per year” and create more than 1,400 steel jobs. $5.8 billion will be invested in Louisiana alone to build the steel manufacturing plant.
White House Press Secretary Karoline Leavitt summed up the historic success of this administration earlier Wednesday during a press briefing. Here, she revealed that Schneider Electric pledged another investment today in American energy and AI worth nearly one billion dollars. She further announced that the President would announce the tariffs on foreign automanufacturers later in the day. “President Trump is truly turning America back into a manufacturing superpower,” Leavitt declared.
WATCH:
Leavitt: Since Inauguration Day, President Trump has secured trillions of dollars in private and foreign investments. Every single day, more money is pouring into our country, which will create more jobs for hard working Americans. Today, Schneider Electric pledged to invest more than $700 million in the United States to boost American energy infrastructure and AI. On Monday, Hyundai announced a $20 billion investment in the United States, including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 high paying jobs. President Trump is truly turning America back into a manufacturing superpower.
The President will hold a press conference in the Oval Office today, at four o’clock PM, to announce tariffs on the auto industry, and I will leave that to him to make that announcement later.
During his highly anticipated ceremony in the Oval Office Wednesday afternoon, President Trump previewed the incoming manufacturing boom with automobiles, AI, and liquid natural gas (LNG), all of which are being driven by the threat of tariffs on foreign imports.
Watch:
Trump: What we’re going to be doing is a 25% tariff on all cars that are not made in the United States. If they’re made in the United States, there’s absolutely no tariff. We start off with a 2.5% base, which is what we were at, and we go to 25%. And basically, as you know, and as you’ve been seeing, not reporting as accurately as it should be reported because it’s a massive story, business is coming back to the United States because they don’t have to pay tariffs, and I think also because of November 5, the election. They’re very happy.
AI is coming back to levels that nobody’s ever seen before; it’s sort of a new business, I guess, when you think about it, but it’s– plants are going up all over the United States, and many of them have already been started. We’re getting early electricity taken care of, we’re getting permits very quickly for them, and we’re going to make their life very happy.
They’re coming in with tens of billions of dollars. Individual plants will cost 10, 15, 20 billion dollars; we’re going to let them build electricity-generating plants along with their plant. And they can’t even believe it, and we’re going to get them very quick permits, as I’ve done always. I did that in Louisiana with LNG plants; I got them one permit in one day after waiting 14 years and the other in one week after waiting for 12 years
But this is very exciting for me; this is the automobile industry, and this will continue to spur growth like you haven’t seen. Before I was elected, we were losing all of our plants; they were being built in Mexico and Canada and other places. Now those plants, largely, have stopped, and they’re moving them to our country.
After signing the tariff adjustment, the President estimated that “anywhere from 600 billion to a trillion dollars” will flow into the United States economy “within two years,” bringing thousands of construction and automobile jobs.
Watch below:
Trump: I think ultimately, we could probably– anywhere from 600 billion to a trillion dollars will be taken in over the relatively short-term period, meaning a year from now but starting right away. I think we’ll go from 600B to a trillion within two years, and I think we’ll be very– I mean, right from the beginning we’re going to be at a very high number. Right from the beginning. And right from the beginning, you’re going to have a lot of construction jobs, but you’re also going to have a lot of automobile jobs. So, this is very exciting…
While the mainstream media pushes lies and lectures the American public on what effect they think tariffs will have, the American people are seeing incredible results from the President as our country becomes wealthier and more prosperous.
The post JUST IN: President Trump Imposes Tariffs on Foreign Cars, Says Up to $1 Trillion Will be Collected Over Next Year or Two (VIDEO) appeared first on The Gateway Pundit.