BREAKING: Trump announces 25% tariff on cars made outside the US

"We're going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they've been taking over the years. They've taken so much out of our country, friend and foe. And frankly, friend has been oftentimes much worse than foe."

"And this is very modest. And what we're going to be doing is a 25% tariff on all cars that are not made in the United States. If they're made in the United States, there’s absolutely no tariff."

Trump said, "We start off with a two-and-a-half percent base, which is what we were at, and we go to 25 percent."

He noted that businesses are "coming back to the United States so that they don't have to pay tariffs" and are "very happy" with the results of 2024’s election.

Trump also called for Congress to pass a bill that makes interest payments on loans for American-made vehicles tax deductible.

This comes after South Korean automaker Hyundai announced a $21 billion investment into the US, including a new steel plant in Louisiana, which will supply steel for its auto parts and auto plants in Alabama and Georgia.

This is a breaking story. Please refresh the page for updates.