Trump is now reading what he described as “vicious attacks ” on American trade:

The United States charges other countries only a 2.4 tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices like 60%, India charges 70%, Vietnam charges 75%, and others are even higher than that.

Like-wise, until today, the United States has for decades charged a 2.5 tariff, think of that – 2.5% – on foreign-made automobiles.

The European Union charges us more than 10% tariffs and they have 20% VATs, much, much Higher. India charged 75%, perhaps worst of all are the non-monetary restrictions imposed by South Korea, Japan and very many other nations as a result of these colossal trade barriers. 81% of the cars in South Korea are made in South Korea. 94% of the cars in Japan are made in Japan. Toyota sells 1 million foreign-made automobiles into the United States, and General Motors sells almost none. Ford sells very little.

None of our companies are allowed to go into other countries. And I say that friend and foe and in many cases the friend is worst than the foe in terms of trade.

But such horrendous imbalances have devastated our industrial base and put our national security at risk. I don’t blame these other countries at all for this calamity, I blame former presidents and past leaders who weren’t doing their job. They let it happen and they let it happen to an extent that nobody can even believe. That’s why effective at midnight we will impose a 25% tariff on all foreign-made automobiles.