Donald Trump announces 25% tariffs on imported cars, ratcheting up global trade war [Video]

WASHINGTON — President Donald Trump announced on Wednesday plans to slap 25% tariffs on all imported cars, escalating a global trade war just weeks after previous tariffs touched off a market rout and triggered concern about a possible recession.

“I think our automobile industry will flourish like it hasn’t before,” Trump said.

The auto tariffs are set to target a sector that employs more than a million U.S. workers and relies on a supply chain closely intertwined with Mexico and Canada. Tariffs placed on the auto industry risk raising car prices for U.S. consumers, experts previously told ABC News.

Trump announced tariffs earlier this month on a large share of U.S. auto imports when he slapped 25% duties on Mexico and Canada, but the president soon afterward issued a delay of auto-related duties associated with that policy.

White House press secretary Karoline Leavitt previewed the fresh auto tariffs in remarks on Wednesday …