President of the United States, Donald Trump, announced that tariffs on car imports could be implemented on April 2. Trump also instructed for a comprehensive study on customs duties. The completion of the work is planned by April 1.

President Trump made statements after signing an executive order in the Oval Office. Regarding the timing of car tariffs, Trump referred to April 2. Trump mentioned having a plan for April 1 but expressed superstitions, stating, “I said let’s do it on April 2. Just one day, a lot of money, but we will do it on April 2.”

“SAVING THE STEEL INDUSTRY BY IMPOSING TARIFFS” Trump claimed to have saved the steel industry in his first term by imposing tariffs, noting that they received billions of dollars in customs duties from China. Trump argued that had they not done this, the US would not have a single steel factory left, emphasizing the country’s need for steel in military and other areas. Trump also mentioned saving US Steel, saying, “Now, I think it will become very profitable. Tariffs will save many sectors.” He emphasized that they did not want US Steel to be sold to a foreign company and reiterated that the company looking to buy it, Nippon Steel, would become an investor.

“VAT WILL BE TREATED AS A TARIFF” President Donald Trump signed a presidential decree regarding the application of reciprocal tariffs to countries.

After signing the decree instructing the development of a comprehensive plan against non-reciprocal arrangements in the US’s trade relationships, Trump made a statement.

Trump stated that they would address countries using a VAT system, arguing that this system is much more “punitive” than tariffs. President Trump said, “VAT will be treated as a tariff.”

“EACH COUNTRY WILL BE INDIVIDUALLY SCRUTINIZED” US Treasury Secretary nominee Lutnick also explained that they would individually scrutinize each country on reciprocal tariffs. Lutnick noted that they planned to complete their work by April 1.