Trump’s tariffs on auto imports will hurt entire car industry: Moody’s

as mentioned in The proposed U.S. tariffs on car imports will have far reaching negative implications for the whole auto industry, according to Moody's Investors Service. The research firm said higher tariffs will cause problems across the car industry's global supply chain. "Tariffs on imported cars, parts would be broadly credit negative for industry," Moody's said in a note to clients Monday. Build them here!" he tweeted on Friday. As part of tariffs expected to go online July 6, the administration also has put a 25 percent tariff on Chinese goods including autos.

'It's a nightmare scenario': Trump tariffs would devastate auto industry, experts warn

As the Trump administration doubles-down on its threat to impose 25 per cent tariffs on auto imports, industry experts are warning that the move would devastate the North American auto industry and lead to job losses not only in Canada, but also in the United States. While it is yet to be seen whether the auto tariffs will come into effect, Trump seemingly reiterated his support for them in tweets over the weekend. David Adams, president of Global Automakers of Canada whose membership includes Toyota Canada Inc. and Honda Canada Inc., said the tariffs would present immediate difficulties for all auto manufacturers in Canada. You're not going to redirect current automotive production into the U.S. because of this."Many economist and auto industry experts agree that the immediate impact of the auto tariffs would be felt by American consumers. But she said the proposed 25 per cent tariffs "would be an entirely different consideration.

Trump auto tariffs would make steel tariffs 'look like a company picnic': AutoNation CEO

As it stated in President Donald Trump would certainly be facing a "real trade war" if he were to implement tariffs on European cars and SUVs being imported into the United States, AutoNation Chairman and CEO Mike Jackson told CNBC on Wednesday. "Automotive tariffs will make steel tariffs look like a company picnic," said Jackson, head of the nation's largest auto retailer. "This will unleash, if it comes about, a real trade war because the numbers are just so much bigger. Jackson was reacting to the president's tweet last week, threatening the European Union with auto tariffs if it does not drop its tariffs on certain U.S.-made products, including bourbon and motorcycles. If they are deemed a threat, it would give Trump the justification he needs to impose tariffs on imported autos.

'Carmaggedon': Representatives warn tariffs would decimate auto industry

Representatives of the Canadian auto industry warned officials on Tuesday that proposed tariffs on U.S. imports of vehicles and auto parts would decimate the industry and send the Canadian economy into a tailspin. Still, the proposed 25 per cent tariffs on vehicles and auto part imports to the U.S. prompted several representatives from the Canadian auto industry to warn the committee of the potentially devastating effects of such a move by the U.S. administration. Another report by Moody's Investor Services released this week said the tariffs would be negative for nearly all members of the auto industry, including automakers, parts suppliers, dealers, retailers and other transportation companies. "There is not an assembly plant in Canada that will survive a 25 per cent tariff, because almost everything we build goes to the United States," Dias said. 1 industry in Canada taken away from us."• Email: asiekierska@nationalpost.com | Twitter: alicjawithaj




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