A new turmoil is being triggered by US President Donald Trump, who announced a new 25% duty on cars and car spare parts imported to the US in a move that threatens to broaden the World Trade War. Trump said the latter duties would come into force on April 2, and the burdens for businesses importing vehicles will begin the next day. The burden on spare parts are going to start in May or later. The president argued that the measure would lead to “huge growth” for the automotive industry, promising to stimulate jobs and investment in the US. However, analysts have stated that this move is likely to lead to the temporary interruption of significant car production in the US, raise prices and burden relations with allies. The US has imported about eight million cars last year, which corresponds to about $ 240 billion for trade and about half of total sales. The […]
Source: News Beast
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