FX.co ★ Trump Announces 25% Tariff on Imported Large Trucks Starting Nov. 1

President Donald Trump announced on Monday that a 25% tariff will be imposed on all medium- and heavy-duty trucks imported into the United States starting November 1, as reported by Reuters. Previously, in a statement made last month, Trump declared that heavy truck imports would face new tariffs commencing October 1, citing national security concerns and a need to shield domestic manufacturers from "unfair outside competition." Currently, U.S. trade agreements with Japan and the European Union establish a 15% tariff on light-duty vehicles; however, it remains uncertain if this rate will extend to larger vehicles. Additionally, the Trump administration has permitted manufacturers to factor in deductions for the value of U.S.-produced components when calculating tariffs on light-duty vehicles assembled in Canada and Mexico. The affected larger vehicle categories include delivery trucks, garbage trucks, utility trucks, transit and shuttle buses, school buses, tractor-trailers, semi-trucks, and other heavy-duty vocational vehicles.