Investing.com -- In a recent Q&A session held in the Oval Office, President Trump announced the future implementation of car tariffs and noted provisions are being made for non-monetary tariffs.
In his discussion, Trump stated that countries employing a value-added tax system will be considered for tariffs. He further clarified that attempts to avoid tariffs by sending merchandise through a third country will not be permitted.
A key aspect of the upcoming policy changes will be non-monetary tariffs, which will include tests on cars and limitations on trade. This approach is designed to address the broader scope of trade and not just monetary transactions.
Trump also highlighted the option for other countries to reduce or completely eliminate their tariffs. He noted the European Union’s recent decision to lower their tariff to 2.5% as a significant win. His reciprocal tariff system, he said, is aimed at reestablishing fairness in international trade.
"We want a level playing field," Trump said, expressing his vision for fair global trade.
The President also confirmed that these changes will be applicable over and above the existing steel tariffs and will extend to other sectors, including cars and pharmaceuticals. The car tariffs, in particular, are expected to be implemented soon.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.