(NewsNation) — President Donald Trump will announce tariffs on the automobile industry on Wednesday.
The president will make the announcement from the Oval Office and will answer questions from reporters.
The administration has not announced what the details of the tariffs will be in level or scope. Tariffs have been a cornerstone of Trump’s economic policies, but he has announced and then paused them multiple times.
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The stock market has reacted negatively to the uncertainty, with stocks dipping as tariffs are announced.
Earlier in March, Trump announced he would give automakers a one-month reprieve from 25% tariffs on Canada and Mexico. Major car manufacturers had asked for the delay because the cost of tariffs would make them less competitive.
Though Trump has repeatedly insisted that foreign countries pay for tariffs, the cost is borne by U.S. importers, who usually pass it on to consumers through higher prices.
Economists warn that tariffs could worsen inflation, and consumer confidence has taken a dive amid the stream of tariff announcements and delays.
