Off The Wire
U.S. tariffs could raise vehicle prices by $83 billion: auto trade group
WASHINGTON (Reuters) - A group representing major automakers will tell the U.S. Commerce Department on Thursday that imposing tariffs of 25 percent on imported cars and parts would raise the price of U.S. vehicles by $83 billion annually and would cost hundreds of thousands of jobs.
The Alliance of Automobile Manufacturers, a trade group representing General Motors Co (GM.N), Volkswagen AG (VOWG_p.DE), Toyota Motor Corp (7203.T) and others, will tell the Commerce Department at a public hearing on Thursday that “higher auto tariffs will harm American families and workers, along with the economy” and “would raise the price of an imported car nearly $6,000 and the price of a U.S.-built car $2,000.”
The Trump administration in May launched an investigation into whether imported vehicles and parts pose a national security threat and U.S. President Donald Trump has repeatedly threatened to quickly impose tariffs of 20 or 25 percent.
The Commerce Department said Wednesday it has made no decisions and aims to complete the investigation “within a couple months.”
Reporting by David Shepardson