WASHINGTON — President Donald Trump is set to unveil new tariffs on imported automobiles during a news conference scheduled for 4 p.m. EST on Wednesday. According to the White House, the measure aims to boost domestic manufacturing but could create financial challenges for automakers that heavily rely on global supply chains.
White House Press Secretary Karoline Leavitt confirmed the announcement but said that the president himself will provide specific details on the proposed tariffs affecting foreign-made cars and auto parts. The situation is complex, as many U.S. automakers source significant portions of their components internationally.
The news has already impacted the stock market, with shares of General Motors dropping by approximately 1.7% and Ford shares declining around 1.5% in Wednesday’s afternoon trading.
Leavitt, along with two other Trump administration officials, is currently facing a lawsuit from The Associated Press. The lawsuit alleges violations of the First and Fifth Amendments, claiming the officials are retaliating against the AP for editorial choices. The White House counters that the dispute stems from the AP’s refusal to comply with an executive order requiring the Gulf of Mexico to be referred to as the Gulf of America.