US President Trump warns of increasing auto tariffs

World World: US President Donald Trump warned on Thursday that he may soon raise auto tariffs, saying it would encourage automakers to invest in the US. “If you raise tariffs further, it will make companies more likely to set up plants here,” Trump said at the White House.

The statement comes at a time when US automakers are urging the president to reduce the 25% tariff. Trump cited some recent investment announcements, including GM announcing it would invest $4 billion in three US plants and shift some SUV production from Mexico to the US. Along with this, Hyundai planned $21 billion of investments in March, including a new US steel plant.