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Trump imposes 25% tariffs on trucks – import economy in turmoil!
US President Trump announces a 25% tariff on trucks from November 1, 2023 to support the domestic industry.
Trump imposes 25% tariffs on trucks – import economy in turmoil!
US President Donald Trump is causing a stir with his latest announcement: From November 1, 2023, new import tariffs of 25 percent will be levied on certain trucks. This measure primarily affects medium and heavy-duty trucks imported from countries such as Mexico, Canada, Japan, Germany and Finland. The tariffs are part of Trump's strategy to support domestic industry and are specifically applied to vehicles not designed for heavy-duty transportation, such as trucking trucks, tractor-trailers, specialty vehicles, buses and garbage trucks. reports the Süddeutsche.
Trump had already announced a similar tariff rate for heavy trucks in September 2023, which will apply from October 1st. “These tariffs are intended to benefit U.S. manufacturers like Peterbilt, Kenworth and Freightliner,” Trump explains. He also sees the need for these measures in the context of national security in order to strengthen the financial foundations of transport companies in the USA. According to Tagesspiegel.
A controversial project
Despite the hoped-for support for domestic industry, Trump's actions are controversial. The US Chamber of Commerce is urging his ministry to refrain from the new tariffs. In addition, the large variety of affected vehicles and trading relationships leads to ambiguity. The Stellantis Group, Chrysler's parent company, could also be affected as it produces many of its models in Mexico. She is calling for an exception to the high tariffs on the affected vehicles and has already advocated for this in the White House.
The tariff rate levied on imported trucks is part of an overall customs policy that has become increasingly changeable in recent months. At the end of September 2023, Trump also announced tariffs of up to 50 percent on furniture and a surcharge of 100 percent on medicines. Overall, these measures are intended to correct the trade deficit and encourage other countries to negotiate trade agreements. The Tagesschau adds that Trump's tariff threats are often used to blackmail trade agreements.
Reactions from the economy
In summary, one could say that Trump's tariff policy is not only intended to support domestic industry, but also creates complicated negotiations and uncertainties for many actors. It remains to be seen whether the measures will ultimately have the hoped-for positive effects or will further put a strain on trade relations.