WASHINGTON (AP) — President Donald Trump on Wednesday will announce tariffs on auto imports, a move that the White Houses claims would foster domestic manufacturing that could also put a financial squeeze on automakers that depend on global supply chains.
White House press secretary Karoline Leavitt said the tariffs would be detailed at a 4 p.m. EST news conference. Leavitt said that she would leave it to the Republican president to flesh out his plans to tax foreign-made autos and parts, a move that could be complicated as even U.S. automakers source their components from around the world.
Shares in General Motors have fallen roughly 1.7% in Wednesday afternoon trading. Ford’s stock was down roughly 1.5%.
Leavitt is one of three Trump administration officials who face a lawsuit from The Associated Press on First and Fifth Amendment grounds. The AP says the three are punishing the news agency for editorial decisions they oppose. The White House says the AP is not following an executive order to refer to the Gulf of Mexico as the Gulf of America.
