Every American auto factory depends on Mexican parts to build its cars or trucks. That's why President Donald Trump's threat to impose tariffs on Mexican imports of up to 25% by October is rattling the US auto industry. The tariffs could raise costs in the United States by tens of billions of dollars in the auto industry alone.Car buyers would probably pay the cost of those tariffs.
"Finished cars and trucks also come into the United States from Mexico — about 2.7 million autos were imported from Mexico last year, worth $52 billion, according to the US Commerce Department. That's nearly a million more autos than came from Japan, the No. 2 source of auto imports. A 25% tariff on all imports from Mexico would add about $28 billion a year to the cost of completed vehicles and parts.
And now American companies will be able to compete, and the production of components can be moved back to this country.
ChrisCuomo BuyAmerican
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Auto industry cutting jobs at the fastest pace since the financial crisisAuto makers are laying off employees at the fastest pace since the financial crisis, according to outplacement services company Challenger, Gray &... not enough can afford to buy new cars and Trump's taxes hurt many folks who might traditionally buy a new car with their tax returns... plus the tariffs... sightbeyonds I knew this was going to happen! With the tariffs on top of this, shit is going to get real.
Source: MarketWatch - 🏆 3. / 97 Read more »
Fiat Chrysler proposes Renault merger in auto industry shake-upRenault is considering a merger with Fiat Chrysler, a deal that would reshape the global auto industry and help the carmakers compete in the race for electric and self-driving vehicles. Considering history, wouldn’t be the first time Chrysler ate Renault Too many cars chasing too few customers in a business that’s ultimately in a slow but consistent decline. The ultimate waste makers 😐 Terrible quality cars 👎🏼
Source: cnnbrk - 🏆 393. / 55 Read more »
Fiat proposes merger with Renault in latest auto industry joltThe merger would create the world’s third-biggest carmaker as manufacturers scramble for scale to tackle an expensive shift to electrification and autonomous driving. So, will the new company be called 'Fault'? Sounds about right for Italian cars. Good information
Source: latimes - 🏆 11. / 82 Read more »
Fiat Chrysler, Renault merger could herald more auto-industry consolidationThe proposed merger between Fiat Chrysler Automobiles NV and Renault SA would drive a “much needed” wave of consolidation among auto makers, analysts at...
Source: MarketWatch - 🏆 3. / 97 Read more »