Toyota warns: New Trump tariffs will cause price of cars to rise in US

Source: The Hill | March 1, 2018 | Jacqueline Thomsen

Toyota Motor Corp. warned that tariffs on steel and aluminum that President Trump will impose next week will cause the price of cars and trucks in the U.S. to rise.

The major motor vehicle maker spoke out against the new tariffs just hours after Trump announced the measures.

“The (U.S.) Administration’s decision to impose substantial steel and aluminum tariffs will adversely impact automakers, the automotive supplier community and consumers,” Toyota said in a statement obtained by Reuters Thursday.

The company also noted that more than 90 percent of the steel and aluminum purchased for cars manufactured in the U.S. already comes from within the country, according to Reuters.

“This would substantially raise costs and therefore prices of cars and trucks sold in America,” the statement also read, according to CNBC.

Matt Blunt, president of the American Automotive Policy Council, also slammed the announcement.

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  • Discussion
  • Consistent #22022

    EVERYDAY #22025

    Well DUH!

    Woodcutter #22040

    As IBD says,

    China, which the Commerce Department characterizes as by far the worst offender, accounting for about half of global steel overcapacity, only provides about 2% of U.S. imports, so it won’t feel much direct impact from a 25% tariff.

    In other words, it’s hard to imagine a clumsier, more ham-handed way of seeking to redress unfair trade practices than a 25% tariff on global steel imports. The collateral damage may include workers from Ford (F) and General Motors (GM), along with American car buyers and — if the Dow Jones industrial average’s 420-point dive on Thursday is any indication — U.S. stock investors.

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