"The Higher the Tariffs, the More Factories Will Be Built in the U.S."
U.S. President Donald Trump stated on June 12 (local time) that he may further raise tariffs on automobiles to expand domestic car production.
President Trump said on this day, "I may raise auto tariffs in the not-too-distant future," adding, "The higher the tariffs, the more likely they (companies) are to build factories here (in the United States)."
Previously, after beginning his second term, President Trump imposed a 25% tariff on automobiles and major auto parts.
He argued that increasing auto tariffs from the current 25% level would provide greater protection for the domestic automobile industry. He also mentioned that General Motors (GM) plans to invest $4 billion in U.S. factories over the next two years to avoid additional tariffs.
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