U.S. auto industry predicts soaring car prices and job loss if Trump tariffs imposed
The average price of imported vehicles sold in the United States could jump by thousands of dollars if the Trump administration imposes tariffs under a worst-case scenario provided by the Center for Automotive Research. The Michigan-based think-tank estimates U.S. consumers would see the average price of new imports rise by US$6,875, if a 25 per cent tariff is applied, or up to US$2,750 if a 10 per cent tariff is imposed to imports from all countries. Story continues belowThe impact on American consumers would be substantially less if Canada and Mexico – partners with the United States under the North American Free Trade Agreement – are exempted. The report was issued ahead of congressional hearings into the Trump administration's threat of tariffs or quotas to protect its national security. READ MORE: Trump trade war highlights need for fewer barriers between provinces: TrudeauPresident Donald Trump's strategy appears aimed at returning the auto supply chain back to the United States.
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collected by :Catlin Logan