Trump warned auto execs not to hike prices ahead of his 'great' 25% tariffs: report

President Donald Trump warned auto executives not to raise prices ahead of the enactment of his steep 25% tariff, according to a new report.

Trump held a call with CEOs from some of America's top vehicle companies earlier this month and "issued a warning," the Wall Street Journal reported Thursday: "They better not raise car prices because of tariffs."

The president warned his administration would look unfavorably upon automakers that defy his request — leaving some fearing they could face retaliation for hiking prices, people with knowledge of the call told the Journal. Trump also insisted they ought to be grateful that he ended policies enacted by former President Joe Biden meant to boost electric vehicle production.

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To boot, Trump "made a lengthy pitch for how they would actually benefit from tariffs," two people on the call told the newspaper. Among the reasons to be excited: He was bringing manufacturing jobs back to the U.S.

The tariffs would be “great,” Trump told the executives.

The report comes after Trump announced earlier in the day he would impose a 25% tariff on imported automobiles and certain vehicle parts. The tariffs are set to take effect on Wednesday.

"We'll effectively be charging a 25% tariff. But if you build your car in the United States, there is no tariff," he said.

The tariffs will apply to imported cars, SUVs, minivans, cargo vans, and light trucks, as well as key automobile parts such as engines, transmissions, powertrain parts, and electrical components.

Trump claimed his tariffs could raise between $600 billion and $1 trillion in revenue over the next two years, which he plans to use to reduce debt. White House staff secretary Will Scharf who joined Trump at the announcement, gave a far less rosy projection, however, of roughly $100 billion in new revenue.