Breaking: President Trump Announces 25% Tariff On All Automotive Imports — Here’s The Latest

President Trump declared Liberation Day outside of The White House on Wednesday afternoon as he announced sweeping new tariffs that will affect trade with all trading partners.

Along with a 10% minimum tariff on most countries, several were hit with much larger “reciprocal” tariffs, the highest being a 49% tariff on Cambodia, while the European Union, China and Japan were hit with 20%, 24% and 34%, respectively. Most products compliant with the USMCA (US-Mexico-Canada Trade Agreement) will continue to have a 0% tariff rate.

However, foreign-made automobiles are subjected to a separate 25% tariff that goes into effect on April 3 and they are not subject to an additional reciprocal tariff. Vehicles assembled within the U.S., regardless of the automaker, are exempt.

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In an announcement last week, Trump said that additional tariffs on major automotive components used in vehicles assembled in the U.S., like engines and electrical systems, would be added in May, but added no further details during Wednesday’s ceremony.

“These tariffs will remain in effect until such a time as President Trump determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated,” the executive order says, leaving the door open to swift changes to the various tariff rates.

This is a breaking story, check back for updates