U.S. President Donald Trump will announce tariffs on the auto industry at a press conference tonight, according to White House spokeswoman Caroline Levitt.

The announcements will be made at 4 p.m. local time (10 p.m. ET).

On Monday, Trump said the tariffs on imported cars would be imposed later this week, ahead of retaliatory tariffs on other products from several U.S. trading partners that will take effect on April 2.

The White House did not provide any clarification on the amount of the tariffs on vehicles. In February, Trump said he was considering tariffs of 25%.

Shares in US automakers fell after it was announced that a press conference would be held. Around 7.30pm (GMT), Ford shares were down 1.55%, General Motors 1.65%, Tesla 6.63% and Stellantis 2.01%.