Trump Plans New Tariffs on Auto Imports, Impacts Industry

President Donald Trump is poised to announce new tariffs on automotive imports, potentially reaching as high as 25%, during a press conference scheduled for 4 p.m. EDT. This move is part of his broader strategy to boost U.S. manufacturing but raises concerns about increased consumer prices and disruptions to the auto industry, which heavily relies on parts from Canada and Mexico. Market reactions have already seen major U.S. auto stocks decline, with analysts predicting that higher tariffs could lead to increased vehicle prices by $4,000 to $12,200 depending on the model. Critics warn that these tariffs may backfire, causing automakers to cut production and jobs as they grapple with rising costs. The impending tariffs are part of Trump's agenda to impose