President Donald Trump made official Wednesday his long-promised tariffs for the automotive industry, imposing a 25% import tariff on all cars, light-duty trucks and some car parts imported into the U.S. Trump argued the tariffs will boost domestic manufacturing by forcing American automakers to build cars in the U.S.

President Donald Trump upended the U.S. car business by imposing “draconian” 25% tariffs on all cars imported to America and up to 25% tariffs on key auto parts.New-car prices are going up, profit margins are coming down,