Tesla also faces the impact of the 25% auto tariffs
Elon Musk said the company would not go “unscathed.”
Transcript:
Kelsey Barberio: President Donald Trump has announced yet another round of tariffs, this time on all cars shipped to the United States. The newly imposed 25% tariff will kick in on April 3.
In his announcement of the new regulations, the President said, "This will continue to spur growth like you haven't seen before. We'll effectively be charging a 25% tariff. But if you build your car in the United States, there is no tariff."
Related: Top analyst overhauls GM, Ford stock prices targets amid tariff risk
But the new tariffs won’t just apply to foreign-made cars themselves, they’ll also apply to foreign-made car parts like engines and transmissions. Those tariffs are set to kick in on or before May 3.
Leaders from across the world have already expressed their displeasure for the new tariffs. Canadian Prime Minister Mark Carney called them a “direct attack” on the United States-Mexico-Canada Agreement.
However one of Trump’s closest allies, Tesla CEO Elon Musk, said it would also impact his business. Musk wrote on X, which he also owns, “Important to note that Tesla is not unscathed here. The tariff impact on Tesla is still significant.
That’ll do it for your daily briefing. From New York City, I’m Kelsey Barberio with TheStreet.
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