President Donald Trump announced there will be a 25% tariff on all foreign automobiles.
The tariffs will go into effect on April 2nd, and would lead to “tremendous growth” for the car industry, promising it would spur jobs and investment in the U.S.
He also said the order aims to increase domestic manufacturing of cars and auto parts.
In case you’re wondering, Mexico is the top foreign supplier of cars to the U.S., followed by South Korea, Japan, Canada and then Germany.
