President Trump defended his plan to impose 25% tariffs on all imported vehicles and parts, saying that he hopes automakers raise prices, according to Bloomberg. He claimed the increase would drive more consumers to buy U.S.-made cars. His trade adviser, Peter Navarro, claimed the tariffs would raise $100 billion and predicted no inflation because foreign companies would absorb the cost. A new tariff beginning next week will apply to all imported vehicles and key parts.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Trump defended his plan to impose 25% tariffs on all imported vehicles and parts,
00:06saying that he hopes automakers raise prices, according to Bloomberg.
00:10He claimed the increase would drive more consumers to buy U.S.-made cars.
00:13His trade advisor, Peter Navarro, claimed the tariffs would raise $100 billion,
00:17predicting no inflation because foreign companies would absorb the cost.
00:21A new tariff beginning next week will apply to all imported vehicles and key parts.
00:25For all things money, visit Benzinga.com.
00:30you