With 2 Hours To Spare, 25% Auto Tariff Report Heads To Trump's Desk

The Commerce Department sent its tariff report to Trump's desk. It did not disclose the recommendation.

Reuters reports U.S. Agency Submits Auto Tariff Probe Report to White House.

The U.S. Commerce Department sent a report on Sunday to U.S. President Donald Trump that could unleash steep tariffs on imported cars and auto parts, provoking a sharp backlash from the industry even before it is unveiled, the agency confirmed.

Late on Sunday, a department spokeswoman said it would not disclose any details of the “Section 232” national security report submitted to Trump by Commerce Secretary Wilbur Ross. The disclosure of the submission came less than two hours before the end of a 270-day deadline.

Trump has 90 days to decide whether to act upon the recommendations, which auto industry officials expect to include at least some tariffs on fully assembled vehicles or on technologies and components related to electric, automated, connected and shared vehicles.

The industry has warned that feared tariffs of up to 25 percent on millions of imported cars and parts would add thousands of dollars to vehicle costs and potentially lead to hundreds of thousands of job losses throughout the U.S. economy.

“These tariffs, if applied, could move the development and implementation of new automotive technologies offshore, leaving America behind,” it said in a statement. “Not a single company in the domestic auto industry requested this investigation.”

Trump said on Friday that tariffs protect industry and also help win trade agreements.

“I love tariffs, but I also love them to negotiate,” he said.

I wonder how much money was wasted on a study that nobody wanted but President Trump.

Flat Out Lie (or Economic Ignorance)

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.