US EditionAuto industry braces for chaos as Trump sets 25% tariff on all imports
- On Wednesday, President Trump announced a new policy imposing a 25% tariff on all imported cars, trucks, and auto parts, set to take effect on April 2, which he calls America's 'Liberation Day'.
- This action builds upon Trump's previous threats and delays regarding tariffs since taking office, rooted in a 2019 Commerce Department investigation citing national security concerns and aiming to retaliate against countries with duties on American-made goods.
- The new tariffs, affecting both finished vehicles and components like engines and transmissions, are expected to generate $100 billion in annual revenue but could increase car prices by several thousand dollars, impacting US automakers who source parts globally, despite a partial exemption for vehicles compliant with the US-Mexico-Canada agreement.
- Industry experts like Chris Otts and Sigrid de Vries, along with foreign leaders such as Mark Carney and Ursula von der Leyen, have criticized the tariffs, with de Vries stating, "The impact will be really huge and very disruptive," while Trump claims, "This will continue to spur growth like you've never seen before."
- The auto industry and consumers are bracing for potential price hikes, layoffs, and a broader trade war that could damage global growth, although some, like Shane Collins, suggest current inventory levels offer a buffer, and BMW has announced a 4% price increase on some models after May 1, indicating a cautious approach to the evolving trade situation.
25 Articles
25 Articles
The Hamilton Spectator
The Chronicle-JournalRise in auto sales noticed by some dealers
Automotive dealerships in Thunder Bay are bracing for 25 per cent tariffs by the U.S. government, which are expected to take effect on April 2. Dealerships are reporting an uptick in sales as consumers try to get ahead of the…
‘I hope it is rescinded’: Las Vegas auto industry, economist weigh in on auto tariffs
On Wednesday, President Donald Trump announced a 25 percent tariff on automobiles and auto parts made outside of the United States, leading to uncertainty within the market.
MS auto group braces for tariffs on imported vehicles, parts
MEMPHIS, Tenn. -- A Southaven auto group is preparing for tariffs on imported vehicles and automotive parts that could go into effect on April 3. The Trump administration announced tariffs affecting imported vehicles and automotive parts could go into effect at the beginning of April. A tariff is a tax imposed by a government on imported goods and services. Trump places 25% tariff on imported autos, expecting to raise $100 billion in tax re…
Trump tariffs won’t tear Waterloo Region’s auto industry apart
Despite attempts by U.S. President Donald Trump to fracture and relocate the auto industry south of the border, parts makers and major players like Toyota remain in Waterloo Region, with no plans to slow production
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