00:00U.S. President Donald Trump on Wednesday slapped a new 25% import tax on cars and car parts
00:07coming into the U.S.
00:09Trump said the latest tariffs would come into effect on the 2nd and 3rd of April, with charges
00:14on parts set to start in May or later.
00:17He claimed the tariffs would foster domestic manufacturing.
00:21Anywhere from $600 billion to $1 trillion will be taken in over the relatively short-term
00:29period, meaning a year from now.
00:33Following the announcements, the U.S. stock markets dipped and reactions poured from
00:37the EU Commission President Ursula von der Leyen and Canadian Prime Minister Mark Carney.
00:50Analysts have warned the move is likely to lead to the temporary shutdown of significant
01:13car production in the U.S. and could widen the global trade war.
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