President Donald Trump’s 25 percent tariffs on automobiles not made in the United States have taken effect.
At the much-anticipated April 2 “Make America Wealthy Again” event, Trump confirmed that levies on imported vehicles would go into effect at midnight. The White House also will implement higher import duties on car parts such as engines and transmissions on May 3.
Shares of U.S. and foreign automakers slumped during the April 3 trading session.
Ford tumbled by 4 percent, while General Motors sank by nearly 3 percent. Tesla Motors and Stellantis also declined by about 6 percent.
Overseas car manufacturers tumbled, too, as investors digested U.S. tariff plans. Volvo plunged 12 percent, Volkswagen shed 4 percent, and Honda slipped 2 percent….