Donald Trump described tariffs as the “most beautiful word in the dictionary” before his January 2021 inauguration. The administration currently implements policies based on this sentiment. The U.S. president introduced a 25% import duty on vehicles and vehicle components which will start on April 2. The new import tax joins multiple other levies that Trump has implemented so far:
The United States has already started imposing a 20% tax on all Chinese imports.
The United States imposed 25% tariffs on Mexican and Canadian goods during this month but Canada receives only 10% rates for its energy products and USMCA items are free from taxation.
The current 25% tariff applies to all imported steel and aluminum products since the beginning of this month.
