Canada said it will exclude imported steel and aluminum from its newest import tariffs and quotas, which is meant to reassure U.S. officials that cheap metal will not leak across the boarder if U.S. tariffs are lifted.
In a letter to the Office of the U.S. Trade Representative (USTR), the Auto Care Association urged USTR to adopt a process for members and stakeholders to request products to be excluded from the latest round of Section 301 tariffs.
Following recent analysis, the Center for Automotive Research noted that the U.S.'s potential tariffs on automobile imports and imported parts could cause a significant increase in the price per vehicle.
If President Donald Trump does eventually place tariffs on 25 percent of all imports of automobiles, the price of a new car could jump between $1,400 and $7,000. If this is the case, the already record-high age of vehicles may continue to rise.
President Donald Trump said Wednesday that he and European Commission President Jean-Claude Juncker agreed to work toward eliminating tariffs and barriers on trade, reducing tensions for now in a brewing trade war.
Industry executives, researchers and lobbyists presented anecdotes, forecasts and data showing why President Trump’s proposal to enforce a 25 percent tariff on auto parts would wipe out hundreds of jobs and sharply reduce new vehicle sales.