Donald Trump announces 25% tariff on imported cars

Kelsey Barberio brings you the biggest news of the day, including a new round of tariffs imposed by the Trump administration.

Transcript

00:00President Donald Trump has announced yet another round of tariffs, this time on all cars shipped to the United States.

00:06The newly imposed 25% tariff will kick in on April 3rd.

00:10In his announcement of the new regulations, the president said,

00:13this will continue to spur growth like you haven't seen before.

00:16We'll effectively be charging a 25% tariff.

00:19But if you build your car in the United States, there is no tariff.

00:22But the new tariffs won't just apply to foreign-made cars themselves.

00:26They'll also apply to foreign-made car parts like engines and transmissions.

00:29Those tariffs are set to kick in on or before May 3rd.

00:32Leaders from across the world have already expressed their displeasure for the new tariffs.

00:36Canadian Prime Minister Mark Carney called them a, quote,

00:39direct attack on the United States-Mexico-Canada agreement.

00:42However, one of Trump's closest allies, Tesla CEO Elon Musk, said it would also impact his business.

00:47Musk wrote on X, which he also owns,

00:49important to note that Tesla is not unscathed here.

00:52The tariff impact on Tesla is still significant.

00:55That'll do it for your daily briefing.

00:57In New York City, I'm Kelsea Barberio with The Street.