Japanese automakers warned the U.S. government Friday that tariffs would result in higher prices for domestic car-buyers and drastic changes to their manufacturing strategies as well as “rebalancing measures” by other countries hurting U.S. manufacturing and agriculture.
General Motors Co. stated that tariffs of up to 25 percent on imports of cars and auto parts could weaken the company and put jobs of U.S. autoworkers at risk.
“The average price of an imported car is $23,200,” U.S. Sen. Orrin Hatch, R-Utah, said last week. “If the Department of Commerce were to recommend a 25 percent tariff on cars, it would be recommending raising the cost of an average imported car for an American family by $5,800. To put that in perspective, the median household income in the United States is just over $59,000. That means that roughly 10 percent of the median household income could be erased purely by the additional cost of a single car.”
Read the article at The Detroit News.
The post Trump’s Import Tariffs May Weaken Economy and Lose U.S. Jobs appeared first on Fleet Management Weekly.
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