Trump Faces Backlash From Automakers on Tariffs - the Drive
The average price of new vehicles will increase $5,800 if President Trump implements his proposed 25 percent tariff on imported car models, auto industry representatives say.
The price prediction comes from The Alliance of Automobile Manufacturers, a trade group representing domestic and foreign automakers with plants in the United States. They predict that the new tariffs would amount to a $45 billion tax on the auto industry.
“Tariffs will lead to increased producer costs, increased producer costs will lead to increased vehicle cost, increased vehicle costs will lead to fewer sales and less tax receipts, increased vehicle costs will lead to fewer sales will lead to fewer jobs, and those fewer jobs will significantly impact many communities and families across the country,” the alliance stated in a letter to the Commerce Department on Wednesday, according to CNBC.