(NewsNation) — According to a White House official, President Trump has told automotive companies not to raise their prices ahead of tariffs on foreign parts.
The president believes they are capable of paying this cost given the looming 25% tariffs on foreign parts and cars, which are set to be implemented Wednesday.
Trump is unconcerned about foreign automakers hiking prices because he says people will start buying American cars.
President Trump’s senior trade adviser, Peter Navarro, says the tariff plan will raise more than $6 trillion in federal revenue over the next decade.
Senate Democrats are set to vote on this resolution Tuesday, which aims to block the president from imposing a 25% tariff on Canada.
Powerful US storms kill 2 and bring threats from critical fire weather to blizzard conditions
Meanwhile, President Trump says he will decide whether or not he will put secondary tariffs on Iran following Iran’s rejection of direct negotiations with the U.S. on Sunday regarding its nuclear program.
Trump then threatened to bomb Iran should it not comply.
“We’ll see what happens,” Trump said later Sunday on Air Force One. “Very, very interesting. I can’t imagine them doing anything else but making a deal.
“I would prefer a deal to the other alternative, which I think everybody in this play knows what that is, and that’s not going to be pretty. And I do not prefer that.”
