Automakers have warned that their costs to build and subsequently sell new cars will rise because every car assembled in the U.S. contains a large percentage of foreign parts.
Toyota has said the costs of its cars could rise by thousands. General Motors has said it would be forced to downsize and cut jobs.
“I think it’ll push us into a recession or a depression,” Gary Shapiro, CEO of Consumer Technology Association said. “It’ll put a lot of companies out of business. We’re looking at a potentially difficult first quarter if that happens.”
Read the article at Detroit Free Press.
The post Trump Tariffs Could Mean ‘Recession or Depression’ for US Auto Industry appeared first on Fleet Management Weekly.
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