• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

New LA Angels owner Stan Kroenke is quietly America's largest private landowner, boasting 2.7 million acres and besting Bill Gates and Jeff Bezos

2

One of MacKenzie Scott's latest donations takes her HBCU giving to well over $1 billion

3

'Critical employees will begin to retire': Trump’s new pay plan will deny most federal roles a raise, and it has workers warning of a retention crunch

1

New LA Angels owner Stan Kroenke is quietly America's largest private landowner, boasting 2.7 million acres and besting Bill Gates and Jeff Bezos

2

One of MacKenzie Scott's latest donations takes her HBCU giving to well over $1 billion

3

'Critical employees will begin to retire': Trump’s new pay plan will deny most federal roles a raise, and it has workers warning of a retention crunch
FinanceElectric vehicles
Asia

Trump invites Chinese automakers to build cars in the U.S.—and says ones they build in Mexico will be hit with tariffs up to 200%

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
July 19, 2024, 7:23 AM ET
Former US President Donald Trump during the Republican National Convention at the Fiserv Forum in Milwaukee on July 15, 2024.
Former US President Donald Trump during the Republican National Convention at the Fiserv Forum in Milwaukee on July 15, 2024. Al Drago—Bloomberg via Getty Images
Google source logo
Add Fortune on Google for similar content.

Former President Donald Trump has reiterated an openness for Chinese automakers to build cars in the US as a way to boost the economy, signaling a potentially different approach from a Biden administration that has sought to keep out vehicles with links to the country.

Recommended Video

“Right now as we speak, large factories just are being built across the border in Mexico” by China to make cars to sell in the US, Trump said in an address at the Republican National Convention in Milwaukee on Thursday. “Those plants are going to be built in the United States and our people are going to man those plants,” he said, adding that he would otherwise slap tariffs as high as 200% on each car to prevent them from entering the country.

The comments are similar to remarks he made in March at a Ohio rally welcoming Chinese auto companies to build plants in the US, without naming any firms. China’s largest EV maker BYD Co. is looking to set up one of the largest auto factories in Mexico.

Both Trump and Biden seek to keep made-in-China cars from entering the US to protect domestic manufacturers. But the Republican candidate appears to take a more transactional approach when it comes to Chinese companies building cars in the US.

Biden, in contrast, has broadly scrutinized vehicles with links to China, including potentially those made outside the country. The Biden administration has tried to exclude firms at least 25% owned by a Chinese government entity from benefiting from tax credits. It has also launched an investigation into cars with software made in China that could compromise the data and safety of US citizens. 

Both men want to look tough on Beijing as they head toward a potential election rematch in November. Trump referred to Covid-19 as the “China virus” during the rally, to roaring applause from the audience, as he recalled his trade negotiations with the Chinese government during his stint in the White House.

Trump also vowed to end an “electric vehicle mandate” on day one if he takes office. While the Biden administration has no such mandate, critics of new air-pollution limits issued by the Environmental Protection Agency have said they would illegally force automakers to sell EVs.

Fortune Daily breaks the traditional barrier between audience and newsroom. The show transforms Fortune’s trusted reporting into actionable, conversational, and entertaining insights for an emerging class of business leaders. Watch here.
About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Google source logo
Add Fortune on Google for similar content.

Latest in Finance


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Finance


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.