President Donald Trump on Wednesday said a 25 percent tariff imposed on cars imported from Canada to the United States could go up. “When I put tariffs on Canada – they’re paying 25 percent – but that could go up, in terms of cars,” Trump told reporters in the Oval Office. “All we’re doing is we’re saying, ‘We don’t want your cars, in all due respect. We want, really, to make our own cars.”
President Donald Trump on Wednesday said a 25 percent tariff imposed on cars imported from Canada to the United States could go up.
“When I put tariffs on Canada – they’re paying 25 percent – but that could go up, in terms of cars,” Trump told reporters in the Oval Office. “All we’re doing is we’re saying, ‘We don’t want your cars, in all due respect. We want, really, to make our own cars.”
Treasury Secretary Scott Bessent denied a Wall Street Journal report that the White House is considering unilaterally slashing tariffs on Chinese imports, saying that both sides need to mutually take down tariff levels before trade talks can begin.
“Neither side believes that these are sustainable levels,” Bessent said. “This is the equivalent of an embargo, and a break between the two countries in trade does not suit anyone’s interests.”
Stocks soared on Wednesday as relief swept Wall Street amid hopes of an off-ramp from the weeks-long trade battle with China. The Wall Street Journal reported that the Trump administration was considering many approaches, including taking tariffs on Chinese goods from a baseline rate of 145% to 50%-65%.
President Trump had hinted at a trade-war deescalation with China on Tuesday, saying of the tariff levels: “145% is too high. It will come down substantially.”
He said he was optimistic about trade talks, adding that he plans to be “very nice” to China to reach a deal.