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Toyota says Kentucky-made Camry price could increase $1,800 with Trump tariffs

03 July, 2018, 02:29 | Author: Kristi Dunn
  • Automakers, manufacturers oppose Trump call for auto tariffs

American automakers need foreign partners General Motors, like Detroit automakers Ford Motor Co and Fiat-Chrysler Automobiles NV, all import numerous vehicles they sell in the U.S. According to the Michigan-based Center for Automotive Research, of the vehicles GM sold in the U.S.in 2017, 30 percent were imported from other countries. The Trump Administration last month requested a study on the national security risks of imported cars and auto parts.

General Motors Co. warned the Trump administration Friday that tariffs on vehicle imports would hurt its competitiveness, cost U.S.jobs and result in "a smaller GM". TM -0.22%, which warned that auto tariffs "would have a negative impact on all manufacturers", increasing the cost not only of imported vehicles, but also USA -built cars that use foreign-sourced parts.The White House in May asked the Commerce Department to investigate whether tariffs of up to 25% on imported vehicles could be used on national- security grounds, citing a 1962 law that allows for emergency trade sanctions in the event of a threat.

Likewise, Toyota also filed comments Thursday saying tariffs would increase its costs to build cars at its manufacturing plants in the US and undermine USA national security.

GM, which makes some vehicles for the U.S. market in Mexico and Canada, said the tariffs could hike vehicle prices and reduce sales.

The move was the latest in a series of aggressive trade actions, including Trump's decision to impose steep tariffs on steel and aluminum imports, and 25 percent punitive duties on tens of billions of dollars in Chinese products.

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.

Although GM remains committed to the American market, where it operates 47 manufacturing facilities and 25 service part facilities, employing over 100,000 Americans, tariffs undermine the automaker's ability to compete globally.

The move outraged Japanese automakers, which have invested billions of dollars in U.S. plants that employ tens of thousands of workers.

Google Home or Chromecast not working? Here's how to fix them
Google would not confirm if the issue was related to a broken software patch, though that's being reported on Twitter . "If you're still experiencing an issue, contact us at Google Home Support ", a Google spokesman said.

Navarro added that Trump, having passed a tax cut that helps companies like GM and Harley, "felt betrayed" when they then threatened to move production jobs outside the U.S. in response to the retaliatory actions of foreign countries to Trump's tariffs.

NFTC president Rufus Yerxa said the tariffs will make it almost impossible for US manufacturers to sell their cars overseas due to retaliatory tariffs from other countries. GM imports parts for cars that it makes in the United States.

The National Association of Manufacturers said in its filing that that the tariff plan would "put the US manufacturing sector at a global disadvantage, undermining growth and job creation throughout the United States".

GM operates 47 US manufacturing facilities and employs about 110,000 people in the country.

Analysts and industry leaders have said imposing tariffs on auto imports would be bad for the industry as a whole, as well as American consumers.

Among the US vehicles that GM builds overseas are the Buick Cascada, which is assembled in Poland, and the German-made Buick Regal.

"We have received approximately 2,500 comments already", Ross said in a statement yesterday, adding that he expected more before a midnight deadline. For example, 48 per cent of the vehicles Nissan sold in the USA past year were imported from overseas.

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