Key Points
Trump announces 25% tariff on foreign-made automobiles
Pannebecker sees potential revival of Detroit manufacturing
Tariffs target multiple countries with varying rates
Aims to protect US industrial base and national security
On being asked if he supports Trump's tariff announcement, Pannebecker said, "Absolutely 100 per cent. It is going to be great for the American workers."
Earlier, while addressing the Make America Wealthy Again Event, Pannebecker had said, "I grew up just north of Detroit, Michigan. I have watched plant after plant after plant in Detroit and in the metro Detroit area close and President Trump's policies are going to bring product back into those plants. There are gonna be new investments, there's gonna be new plants built... We support President Trump's tariff policies 100%. Within six months, we are gonna see the benefits."
Trump announced new import tariffs on Wednesday (local time), outlining the rates to be imposed on countries around the world, with India facing a 26 percent tariff.
At the Make America Wealthy Again Event, Trump said, "The United States charges other countries only a 2.4 tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices like 60%, India charges 70%, Vietnam charges 75% and others are even higher than that."
The US President further said that a 25 per cent tariff would be imposed on all foreign-made automobiles."Such horrendous imbalances have devastated our industrial base and put our national security at risk. I don't blame these other countries at all for this calamity. I blame former presidents and past leaders who weren't doing their job... Effective at midnight, we will impose a 25% tariff on all foreign-made automobiles," Trump said.
The import tariffs on other major countries are China (34 per cent), European Union (20 per cent), Vietnam (46 per cent), Taiwan (32 per cent), Japan (24 per cent), India (26 per cent), United Kingdom (10 per cent), Bangladesh (37 per cent), Pakistan (29 per cent), Sri Lanka (44 per cent), Israel (17 per cent).
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