President Trump defended his plan to impose 25% tariffs on all imported vehicles and parts, saying that he hopes automakers raise prices, according to Bloomberg. He claimed the increase would drive more consumers to buy U.S.-made cars. His trade adviser, Peter Navarro, claimed the tariffs would raise $100 billion and predicted no inflation because foreign companies would absorb the cost. A new tariff beginning next week will apply to all imported vehicles and key parts.
