President Trump’s tariffs are hitting the auto industry in multiple ways, creating havoc for both car companies and buyers trying to assess the impact.
After months of delays, President Donald Trump's contentious tariff barrage is now in effect. It imposes a wide variety of new import duties that are the steepest seen in nearly a century and that affect all of the country's trade partners.
"Actual impact will depend on a number of factors ... $100 billion to $125 billion in costs across the entire auto industry. In early March, Trump postponed auto tariffs for 30 days. But on Wednesday, he said no more pauses in tariffs for the auto sector.
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Multiple automakers reported a surge in sales during March as shoppers rushed to dealerships to score a deal before tariffs took effect. But how long the boost will last remains to be seen once
As the region prepares for a potentially "painful adjustment", Asia's automakers could focus more on domestic and regional markets to reduce their exposure to the US, say experts.
China said it will impose reciprocal 34% tariffs on all imports from the United States starting April 10, in retaliation to President Donald Trump’s trade war. •
One union president told Newsweek that Trump's tariffs could "devastate" the auto industry in Canada and the U.S.