U.S. auto industry leaders warn Trump administration of painful tariff fallout
U.S. auto industry leaders warn Trump administration of painful tariff fallout
19 July, 2018, 22:23
Rep. Terri Sewell, D-Ala., flanked by John Bozzella, president of Global Automakers, left, and Sen.
Peter Welch of the National Automobile Dealers Association says there's no basis to the argument that auto imports are a national security threat to the US and he warns that the tariffs would inflate the cost of vehicles for American consumers.
A study released by a US auto dealer group warned that the tariffs could cut USA auto sales by 2 million vehicles annually and cost more than 117,000 auto dealer jobs, or about 10 percent of the workforce.
The U.S. economy would contract by between US$6.4 billion and US$62.2 billion.
"Higher auto tariffs will harm American families and workers, along with the economy" and "would raise the price of an imported vehicle almost $6,000 and the price of a USA -built vehicle $2,000", said Jennifer Thomas, a vice president for the group.
The 17,000 new vehicle dealerships in the United States could see revenues decline by US$16.3 billion to US$66.5 billion and result in the loss of 28,800 to 117,500 dealer jobs.
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Besides the tariffs, the United States has threatened European companies with huge fines if they continue to operate in Iran, after Trump reimposed far-reaching sanctions while pulling out of the landmark 2015 deal on curbing Tehran's nuclear programme.
No automaker or parts company has endorsed the tariffs, and they have pointed to near-record sales in recent years.
All but one of the 45 scheduled witnesses expected to testify Thursday at a daylong Commerce Department hearing will oppose President Donald Trump's auto tariffs plan, Politico reports.
They are making their cases today during U.S. Commerce Department hearings into whether the duties should be apply based on the premise that imports are a national security risk.
GM warned last month that higher tariffs could cost jobs and lead to a "a smaller GM" while isolating US businesses from the global market. Following a diplomatic summit in Helsinki, Trump faced harsh criticism after a press conference with Putin where he would not say whether he believed Russian Federation meddled with the 2016 presidential election.
A coalition of seven major auto trade groups representing automakers, dealers, parts companies and retailers issued a joint statement urging the administration to reverse course.
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