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Automakers, Suppliers Decry Trump Tariff Implementation

Companies warn that cost increases will get passed to consumers.

by on Mar.09, 2018

Analysts believe the new tariffs will increase the costs consumers pay for a new vehicle in the U.S.

Dealers, carmakers and suppliers were quick to criticize President Donald Trump’s order imposing tariffs on imported steel and aluminum with the exception of imports from Canada or Mexico.

“A tariff is a tax that will result in higher prices that consumers will ultimately bear,” John Bozzella, the president and CEO of Global Automakers, an organization that represents more than a dozen European and Asian automakers as well as key suppliers.

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Earlier in the week, Commerce Secretary Wilbur Ross tried to downplay the impact by going on television with a can of Campbell’s Soup and telling viewers its price would increase by a fraction of a penny. But considering the amount of steel and aluminum in a typical vehicle, prices for cars could go up by hundreds of dollars, analysts warn. (more…)