Trump Weighs Tariffs On Imported Cars

Trump Weighs Tariffs On Imported Cars

President Donald Trump said in a tweet on Wednesday. Such tariffs would cancel out the deal, making it prohibitively expensive to import vehicles to America and encouraging Canadian and Mexican auto plants to relocate to the U.S.

Trump has already imposed tariffs of 25 percent on steel and 10 percent on aluminum imports under the provision, which gives the president broad powers to slap duties on foreign goods that are considered a threat to national security.

A person familiar with the matter told Breitbart News that the Commerce Department was expected to provide the White House with details of the plans late Wednesday. The United States and Mexico have been deadlocked over USA demands for wage increases in the auto sector and for a boost in the North American content of cars made in the three NAFTA nations.

The Trump administration is considering slapping tariffs on automobiles imported into the US, a person familiar with the deliberations said, a move that may be created to pressure Mexico and Canada to wrap up negotiations quickly over a new Nafta agreement.

The White House could opt to negotiate with individual countries about whether auto tariffs take effect.

Trump offered a hint about the move earlier in the day on the South Lawn, telling reporters that "you'll be seeing very soon what I'm talking about". The president says in a statement that "core industries such as automobiles and automotive parts are critical to our strength as a Nation".

It would also affect Honda Motor Co.

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Bozzella noted 12 million cars and trucks were produced in the United States a year ago.

The administration is weighing auto tariffs of up to 25%, according to The Wall Street Journal.

The U.S. imported $192 billion in new passenger vehicles in 2017, according to Chad Bown, a senior fellow at the Peterson Institute for International Economics.

During the campaign, Trump also promised to revive a shrinking manufacturing base in the U.S. Trump's tweets today gave optimism that a deal was near on NAFTA. The United States is the second-biggest export destination for German auto manufacturers after China, while vehicles and car parts are Germany's biggest source of export income.

At the same time, it exported almost 2 million vehicles worldwide worth $US57 billion.

The U.S. has been demanding that a percentage of a car's content of auto parts originate in a country - the U.S. or Canada - with average auto worker wages of about $15 an hour to qualify for NAFTA's duty-free status.

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