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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.



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