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Minnesota Auto Dealers Brace for Potential Cost Increases

  • On June 4, 2025, U.S. President Donald Trump doubled steel and aluminum tariffs from 25 to 50 percent on most imports, excluding the United Kingdom.
  • Trump justified the tariff increase as necessary to protect national security and support domestic industries amid ongoing trade negotiations.
  • The European Union and Canada strongly condemned the hike, delaying retaliatory actions until mid-July while expressing readiness for countermeasures if talks fail.
  • Economists warned the tariffs will raise consumer prices, reduce U.S. Manufacturing competitiveness, and lower economic output despite potential federal deficit gains.
  • This tariff doubling escalates global trade tensions, strains alliances, and pressures trade partners to negotiate exemptions or face further disputes and retaliation.
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  • 47% of the sources are Center
47% Center
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U.S. News broke the news in New York, United States on Tuesday, June 3, 2025.
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