Trump’s latest auto tariffs explained
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Many analysts believe the tariffs will be met with retaliation and won't stick due to dramatic cost increases.
From USA TODAY
Trump announced 25% tariffs on car and auto parts on Wednesday, sending global automakers' shares down and raising fears of job losses in big auto-exporting countries.
From Reuters
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The 25% auto tariffs, set to take effect on April 3, will apply to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House statement released after Trump's Oval Office remarks on Wednesday.
Shawn Fain, president of the United Auto Workers union, praised President Trump's move to impose tariffs on vehicles, while noting that "tariffs aren't the total solution."
President Donald Trump said Saturday he doesn’t care if automakers hike prices because of his tariffs. In fact, he encouraged them to.
A 25% tariff on all vehicles imported into the U.S. won't just cause new car prices to rise. Used car prices will also likely increase, analysts say.
Paslin supplies assembly lines but because of tariffs, automakers have put vehicle projects on pause. How Paslin is staying afloat amid lost work.
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There are still a lot of unknowns, but if this remains in place, there will clearly be some pain for the companies to digest.”
11hon MSN
The Today in Ohio podcast on Friday questioned whether Donald Trump’s auto tariff announcement was intended to divert attention for an embarrassing security breach and pilloried the hypocrisy of Bernie Moreno for supporting the tariffs after making a fortune selling foreign cars.
Inventory levels are elevated at many dealerships, reflecting a slowdown in sales and a decrease in lease returns. While some industry experts believe car sales will persevere, others warn of production disruptions, price increases and potential layoffs if tariffs persist.