G.M. Says New Wave of Tariffs Could Force U.S. Job Cuts #PleaseStopWinningSoMuch #SeriouslyPlease
G.M. Says New Wave of Tariffs Could Force U.S. Job Cuts
https://www.nytimes.com/2018/06/29/business/automakers-tariffs-job-cuts.html
General Motors warned Friday that another wave of tariffs being considered by the Trump administration could force the company to scale back its business and cost American jobs.
In comments submitted to the Commerce Department, the automaker said that the tariffs, if approved, could drive individual vehicle prices up thousands of dollars, stifling demand. Such costs would need to be borne either by consumers or the company.
Last month, President Trump ordered an investigation into whether imported cars and automotive components could pose enough of a national security risk to warrant tariffs of as much as 25 percent. If he goes ahead, it would intensify a global trade war that has engulfed allies and adversaries. In recent months, the administration has imposed tariffs on imported steel and aluminum, along with measures targeted at China.
Carmakers, in particular, have been caught in the middle of the trade fight. They rely heavily on metals to build their cars, including parts from overseas. The presidents threat to pull out of the North American Free Trade Agreement could also hurt the industry supply chain.