Trump said he will impose 25% tariffs on all foreign-made cars and light trucks beginning April 2, according to CNBC. The measure adds to existing duties and could generate over $100 billion in annual revenue for the U.S. The proclamation's details remain unclear, and modern vehicles often contain parts sourced from many different countries. Trump granted the Big Three automakers a one-month exemption for vehicles covered under a North American trade deal. Auto stocks fell roughly 5% in after-hours trading.