Trump studying new auto import tariffs

President Donald Trump yesterday said he is considering import tariffs to protect the US auto industry, which was rocked by this week’s announcement of job cuts at General Motors. In two tweets, the president said that extending tariffs already in place for foreign-built small trucks to the car sector would help domestic manufacturers.

“The reason that the small truck business in the US is such a go to favorite is that, for many years, Tariffs of 25 per cent have been put on small trucks coming into our country,” he wrote. “If we did that with cars coming in, many more cars would be built here.....” Trump told Congress to “get smart” and added: “The President has great power on this issue - Because of the G.M. event, it is being studied now!” On Tuesday, Trump threatened to cut subsidies to the auto giant, which was saved by a taxpayer bailout in the wake of the 2008 US financial meltdown.

Trump’s saber-rattling follows a German report that the measures could be announced as early as next week, targeting all autos apart from those