Automakers, car dealers and parts manufacturers have gone into high gear in a bid to derail the threat of new tariffs on foreign-made cars and car parts.
The tariffs, they warn, could backfire, raising prices for U.S. consumers and sending the domestic automotive market into a tailspin, NBC News reported.
The latest wave of concern was triggered by the Commerce Department’s confirmation that it had delivered on Sunday a long-awaited report to President Donald Trump that looked at whether foreign autos and auto parts pose a threat to national security. Trump has indicated that if the report backs up that conclusion, he may impose tariffs expected to run as high as 20 to 25 percent.
U.S. & World
While Detroit’s Big Three automakers have raised concerns about foreign-made vehicles over the past several decades, “not a single company in the domestic auto industry requested this investigation,” the Motor and Equipment Manufacturers Association, a trade group representing a broad alliance of automotive companies, said in a statement.