Tariffs On Steel And Aluminium Expected To Raise Prices On Cars And Trucks By Almost $7,000, Reduce Sales By As Much As 2 Million Per Year; Tariffs Directly On Cars And Car Parts May Be Coming
in June of 2018 President Trump issued new tariffs on steel and aluminum imports from Europe, Canada, and Mexico.
The Center for Automotive Research (CAR) estimates that as a result of these tariffs “sales could plunge by as much as 2 million vehicles a year, resulting in the loss of up to 715,000 American jobs and a hit of as much as $62 billion to the U.S. GDP.”
CAR also “estimates that consumers will see the price of all new vehicles rise by $455 to $6,875 depending on the level of tariff or quota, where the vehicle was assembled, and whether the policy provides exemptions for automotive trade with Canada and Mexico.”
The Trump administration is also deliberating additional tariffs directly on cars and car parts.