The United States drastically cut its reliance on tariffs as a primary form of federal revenue over a century ago.

President-elect Donald Trump has proposed as much as a 20% tariff on all imports and a 60% tariff on goods from China.

Automakers are bracing for President-elect Donald Trump to impose new tariffs on vehicles from Mexico and potentially from other countries and to reverse many existing pro-electric vehicle policies, industry associations and executives said.

An increase in tariffs, which likely would be met with countries imposing their own levies in retaliation, threatens global economic growth.