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Noted economist honored by Trump warns that 25% tariffs risk ‘irreparable damage’ to US automakers

  • President Donald Trump announced that 25% tariffs on automobile imports will be permanent starting April 2, describing them as a necessary response to foreign countries "ripping off the United States for the last 40 years".
  • Economist Arthur Laffer warns that these tariffs could increase vehicle costs by $4,711 and weaken U.S. Automakers' competitiveness against foreign companies.
  • Laffer advises that maintaining supply chain rules from the USMCA trade pact would better position the auto industry and avoid potential damage from tariffs.
  • Trump indicated that if foreign car prices rise, consumers would turn to buying American-made cars, showing confidence in U.S. Manufacturing and production expansion.
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Moneycab broke the news in on Thursday, March 27, 2025.
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