The 25% tariffs will be applied to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House fact sheet released after Trump's Oval Office remarks. The tariffs will also be applied to key imported auto parts, including engines, powertrain parts and electrical components.

Your guide to what Trump’s second term means for Washington, business and the world Over the past two decades, the world economy has staggered from one shock to another: the financial crisis; Donald Trump’s first-term trade war on China;