United States auto makers warn Trump's tariffs would be 'damaging' to sector

United States auto makers warn Trump's tariffs would be 'damaging' to sector

U.S. President Donald Trump initiated a Department of Commerce investigation to determine the national security effects of imports of automobiles and automotive parts under Section 232 of the Trade Expansion Act of 1962, the same legislative move used to impose steel and aluminum tariffs. Dozens representing domestic and worldwide companies and labor groups voiced their concerns along with officials from Korea, Japan and the European Union.

"Some may view Hyundai as a foreign automaker, but I know from experience that we are an integral part of the American automotive industry", Hall said in a statement.

But Thursday, Thomas was one of 44 stakeholders who testified against the imposition of tariffs during a public comment day at the Department of Commerce. The move prompted Canada to retaliate with reciprocal duties of its own on imports of the metals from the USA, as well as dozens of other consumer products. The investigation is just one of many trade measures the administration has taken as it tries to revive USA manufacturing, a key campaign promise of Trump. Negotiations this March were focused primarily on autos.

"So where's the nexus between civilian vehicles and national security?"

Yet it called for "targeted measures" to strengthen US manufacturing, stopping short of advocating in favor of new vehicle and component tariffs.

"Import restrictions resulting from the present investigation could result in countermeasures on a significantly higher volume of USA exports, which we estimate at 294 billion dollars", said David O'Sullivan, the European Union ambassador to the United States. "That's why we echo the plea 'Don't tax my ride'".

Ross said Thursday at the start of the hearing that the Trump administration had not made a decision on whether to impose tariffs on automotive imports.

"A 25% tariff on imported autos and auto parts would only lead to fewer sales which leads to fewer American jobs", said Jennifer Adair of Toyota Motors in Indiana.

Trump is widely expected to make up his mind by late August or early September.

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Blunt, who represents the common public policy interests of America's automakers, warned that new tariffs on autos imports will lead to higher manufacturing costs, lower demand and lower US auto sales and production.

Auto dealers are coming out against the proposed tariffs.

The stakes are high for the world economy and the global auto industry.

"The National Automobile Dealers Association recognises the importance..." His department received almost 2,300 written submissions from industry groups, unions, foreign governments and individuals commenting on the investigation.

But he's going to hurt an terrible lot of people, I think on unintended consequences, and we were down there to remind decision makers who can get to him that he shouldn't be hurting his own people - in the millions when we have to put on and other countries put on retaliatory tariffs which not only hit the automotive sector but every sector across the board including agriculture.

Welch said the tariffs would push the average new-car payment to $611 a month from $533 a month (over a 69-month loan term on average).

Auto tariffs would escalate global trade tension dramatically: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports.

"Every single major player in the automotive sector on both sides of the border and in Mexico have said "This is dumb, we didn't ask for this protection".

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