Trump to announce auto tariffs at 4pm ET

Investing.com -- President Donald Trump is set to hold a press conference later on Wednesday to announcement new tariffs on auto imports.

White House press secretary told reporters in a press briefing that the president will be holding a press conference at 4pm ET to announce the new levies.

Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM), Stellantis NV (BIT: STLAM) were sharply lower on Wednesday.

Earlier this year, Trump teed up the idea of a 25% tariff on imported vehicles and parts but didn't elaborate on the planned new levies.

CNBC and Bloomberg had reported earlier on Wednesday that the announcement could be made as soon as today.

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