05:52 PM EDT, 03/26/2025 (MT Newswires) -- President Donald Trump late Wednesday announced 25% tariffs on "foreign-made cars."

Shares of Ford (F) fell nearly 3%, and General Motors ( GM ) stock was down 5% in the after-hours activity.

Speaking from the Oval Office, the president said that the 25% tariff will come into effect on April 2.

Trump has previously said that he expected import duties to prompt manufacturers to relocate production to the US. Mexico, Japan, and South Korea are the top three sources of auto imports into the US, according to data compiled by Bloomberg.

The auto tariffs are part of Trump's plan to impose reciprocal taxes on April 2, matching tariffs and sales taxes charged by other nations.