Trump says new auto tariffs are permanent, couldnt care less about price hikes on foreign-made cars

President Trump downplayed concerns that his forthcoming round of 25% tariffs on all foreign-made vehicles will cause prices on those automobiles to spike, arguing that it will be a boon for American-made autos.Last week, Trump announced plans to slap 25% tariffs against vehicles made outside the US as part of his “Liberation Day” push on April 2, in which he intends to pursue a raft of “reciprocal” tariffs.“No, I couldn’t care less, because if the prices on foreign cars go up, they’re going to buy American cars,” Trump told NBC News in a phone interview.

A Trump aide later clarified that the president’s comments brushing aside price hikes were specific to foreign-made vehicles.The auto tariff is set to go fully into effect on April 3.The average price of a foreign car is expected to soar between $5,000 and $10,000, according to estimates from financial services company Wedbush.

The price increases are expected to start hitting consumers by the summer.Ford Motor and General Motors could shed up to 30% of their earnings, per research from Bernstein, which projected an $110 billion blow to the auto sector, or about $6,700 per vehicle.Last week, the Wall Street Journal reported that Trump gathered the top CEOs of automakers and warned them against raising their prices last month.During the conversation, Trump riffed about the benefits of the tariffs and refrained from outlining any specific threat against companies that jack up prices.Following the meeting, several top CEOs were reportedly left nervous about what type of retaliation they might face from the White House if they defy the president’s warning.

But Trump denied ever saying that.“No, I never said that.

I couldn’t care less if they raise prices because people are going to start buying American-made cars,” he told NBC News.The tariffs will also apply to foreign auto parts even if the vehicles are manufactured in the US, according to White House officials.There will be a special c...