Trump Announces 25% Tariffs on Canada, Mexico Imports

President Donald Trump announced a 25% tariff on imports from Mexico and Canada starting February 1, citing reasons such as trade deficits, the flow of fentanyl, and illegal immigration into the U.S. This decision has raised concerns among automakers, particularly those with production bases in Mexico and Canada, like Volkswagen, Audi, BMW, and Ford, as 90% of their exports are to the U.S. European manufacturers are considering shifting production to the U.S. to avoid these tariffs. Metro Detroit automotive groups are preparing for potential price increases due to these tariffs. The tariffs may also extend to Chinese imports, adding to the complexity of the situation for global manufacturers.