AsianFin -- U.S. President Trump has enacted a 25% tariff on all foreign-made cars, light trucks, and select auto parts, fulfilling his pledge to protect U.S. automakers.

“This will continue to spur growth that you’ve never seen before," Trump stated at the White House on Wednesday while signing the executive order.

The tariffs, set to take effect on April 2, will be added to existing duties. The White House projects they will generate $100 billion in annual revenue.