Trump’s auto tariffs spark global outcry as price hikes loom ...0

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Major car exporter Germany called for a firm response from the European Union, while Japan said it “will consider all options.”

The 25 percent US duties, which take effect on April 3 at 12:01 am (0401 GMT), impact foreign-made cars, light trucks and vehicle parts.

Global stock markets slumped with shares in automakers like Toyota, Hyundai, Mercedes and others falling. Wall Street's main indexes closed lower as shares in General Motors and Ford fell.

Carney, who earlier called the tariffs a “direct attack” on his country’s workers, said he convened a meeting to discuss trade options.

Price surge

It said around 82 percent of Ford's US sales are produced domestically, with the corresponding figures for Stellantis at 71 percent and General Motors at 53 percent.

Canadian Vehicle Manufacturers’ Association president Brian Kingston said the measures would bring higher costs for producers and consumers, alongside “a less competitive industry.”

'Cheaters'

The White House estimates that of the US-made cars, their average domestic content is likely around 40 percent.

He took aim at Germany and Japan for reserving construction of higher-value parts to their countries.

The latest levies add to those already in place for autos.

USMCA-compliant auto parts will remain tariff-free as officials establish a process to target their non-US content.

'Bargaining chip'

Trump has defended tariffs as a way to raise government revenue and revitalize US industry.

Abby Samp of Oxford Economics said she expects “additional investments in US plants could be used as a bargaining chip to lower tariffs.”

He has promised “Liberation Day” on April 2, when he is set to unveil reciprocal levies tailored to different trading partners, to address practices deemed unfair.

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