Classic car industry could be hurt by tariffs

Higher tariffs on cars and parts could sideswipe the collector car industry. More than 20 million cars are classified as "collector cars" in the United States, according to Hagerty Insurance, a company that insures them. The Trump administration has proposed increasing the import tax for autos and auto parts to 25% from 2.5%. For Gary Duncan's customers, buying inexpensive, off-beat cars to drive to car meets, a 25% tariff could make a big difference. The average car that Duncan Imports sells costs about $10,000, he said.

Trump's tariff threats suddenly look very real in the heartland of Germany's car industry

☰EuropeTrump's tariff threats suddenly look very real in the heartland of Germany's car industryEmployees work on a Porsche 911 sportscar on an assembly line in Stuttgart, Germany. It's a one-way street."On Friday, Trump suggested that auto tariffs would come in response to European trade practices. The region may send many goods to the United States, but it is also a major purchaser of U.S. services, particularly in technology. "People will still buy German cars," said Andreas Kramski, chief executive of a family business that makes billions of parts annually for auto manufacturers worldwide. "It wouldn't be very patriotic for an American to say, but it's a matter of fact: German cars are just better."Luisa Beck in Berlin contributed to this report.

Brexit uncertainty puts thousands of jobs at risk, car industry warns

as mentioned in At a day long automotive summit, industry leaders lined up to warn of the perils Brexit uncertainty was causing. UK car output. UK car exports. The car industry is one of the leading employers in the country, responsible for 856,000 jobs, 186,000 of which are on the production lines. He said BMW was not intending to move any car production to any of its other plants around the world but it would be "foolhardy" not to have contingency ideas.

Trump's tariff threats suddenly look very real for Germany's car industry

For as long as Donald Trump has been president, he has been threatening to slap tariffs on foreign carmakers to stop flashy German vehicles from "flooding" American streets. On Friday, he repeated the threat and attached a specific number, tweeting about a 20 percent tariff on all automobile imports from the European Union. On Friday, Trump suggested that auto tariffs would come in response to European trade practices. The Volkswagen diesel-emissions scandal tarnished the reputation of the entire industry, and German carmakers have been considered slow to shift to hybrid or electric vehicles. Now, their business with two of their most important markets could be disrupted - Britain because of Brexit and the United States because of tariffs.

collected by :Catlin Logan