Home » Money

From automakers to boat builders - everyone is against US Tariffs

03 July, 2018, 02:30 | Author: Shawna Walton
  • Automakers, manufacturers oppose Trump call for auto tariffs

Shortly after Toyota released a statement saying the tariffs will increase the cost of every vehicle sold in the country, Mazda published comments of its own, many of which mimic Toyota's sentiments.

"Toyota shares the Administration's goals of increasing U.S.jobs, growing the economy and strengthening national security", the automaker said.

Trump later threatened to impose 20% tariffs on cars from Europe if the European Union didn't remove tariffs and trade barriers on U.S. goods.

According to industry sources, the Trump administration is hoping to complete an investigation into the national security implications of auto imports ahead of midterm congressional elections to be held in November. Those tariffs were also premised on national security grounds. Some analysts suggested the auto tariffs are meant to pressure Mexico into renegotiating the NAFTA trade pact.

GM said the tariffs could hike vehicle prices and reduce sales.

The probe has raised alarm among manufacturers, parts suppliers and auto retailers because all major carmakers - including GM and Ford Motor - import a substantial share of the vehicles they sell in the USA from other countries.

If GM were to try to absorb the additional costs, it would have less money to invest in popular vehicles that sustain manufacturing jobs, or toward pivotal technologies including electric and self-driving cars. He's also imposing steep tariffs on foreign steel and aluminum.

European automakers such as BMW and Volvo have also submitted comments on the proposed tariffs for autos, but General Motors is the first USA vehicle manufacturer to do so.

"The correlation between a decline in vehicle sales in the United States and the negative impact on our workforce here, which, in turn threatens jobs in the supply base and surrounding communities, can not be ignored", GM said in comments submitted for the investigation.

In an interview with Maria Baritromo that aired Sunday morning on Fox News's "Sunday Morning Futures", Trump said his political supporters are a close mirror of Harley's customer base - and they are unhappy with any plan to expand overseas production.

GM's Chevrolet Silverado pickup was the top-selling model imported from Mexico previous year, while the Chevrolet Equinox crossover was the leading vehicle sourced from Canada, according to LMC Automotive.

Akio Toyoda, chairman of Japan Automobile Manufacturers Association (JAMA) said his group is "gravely concerned" about the Department's investigation, saying it will "create uncertainty among automobile users in the USA and people involved in the motor vehicle industry".

The automaker suggests the costs of such import tariffs will be passed on to US consumers, depressing demand for cars and the vehicle market in general.

"The very basis of the Section 232 investigation is wrong", JAMA said in comments filed Friday.

GM says it has 110,000 employees working at 47 manufacturing locations and 25 parts and service facilities in the U.S. The company says it most of its R&D, design, and engineering work happens in the U.S., too.

Recommended:



Popular

OnePlus 6 revealed in new bright red colorway, available July 10th
The OnePlus 6 Red Edition price in India has been set at Rs. 39,999 for the 8GB RAM and 128GB storage configuration. The handset features a 6.28-inch full-HD+ (1080x2280 pixels) Full Optic AMOLED display with a 19:9 aspect ratio.

Canada announces details of tariffs on USA goods
Besides, the danger of surrendering to Trump's bullying is that we would just invite more bullying. A 25 percent tariff will also be placed on any American steel and aluminum .

Mystery surrounds 11 family members found dead at home
Special police teams swung into action and scanning CCTV footage available to ascertain whether any outsider committed the crime. While 10 of the 11 bodies were found hanging, blindfolded and gagged, that of 75-year-old woman's was found lying on the floor.

Akash Ambani, Shloka Mehta shine at their engagement ceremony
Diamantaire Russell Mehta's daughter Shloka looked elegant in an Anamika Khanna ensemble for her mehendi function. In the viral video, Shloka also has seen touching her sister-in-law Isha Ambani's feet.

Lagos fire incident shocking, Buhari says
A dashcam footage of the moment preceeding the Thursday, June 28, tanker explosion on Otedola bridge in Lagos has emerged. Nine persons lost their lives in the petrol tanker fire around Otedola bridge on the Lagos-Ibadan expressway on Thursday.

Google Chromecast out of action for 12 hours
We can't say for sure how many devices aren't working, but it seems to be pretty widespread. Normal service is disrupted for many users across the globe. "Download Google Home app".

Germany's shock World Cup exit another case of the winner's curse
There is a general feeling Brazil are yet to get out of first gear despite the fact they topped their group with seven points. The Argentines who played in the finals four years ago this time could hardly make it to the knockout stage.

'High Time!' Rishi Kapoor tells son Ranbir Kapoor to get married
Non-festival release..." The movie has got positive reviews all over and the fans too are awe-struck with the movie. And the film met with all such expectations as the mesmeric screenplay did magic from First Day First Show itself.

ESPN’s Adrian Wojnarowski Says Paul George’s "Thinking Has Changed"
For one, he'll likely now sign a max contract, with the Thunder having the option to bring him back on a massive deal. After spending seven seasons with the Indiana Pacers George was traded last summer to the Oklahoma City Thunder .

New Protests in Tehran Pose Fresh Challenge to Iran's Rulers
The protest coincided with the Iranian rial weakening to a record low of 90,000 to the dollar on the black market in recent days. Mr Rouhani's government has struggled with the economic problems, which have seen high unemployment.