Trump's Tariffs Cost US Carmakers $35 Billion and Counting [Yahoo! Finance]
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Source: Yahoo! Finance
In the latest on how President Trump's tariffs are hurting American businesses, automakers report that the ill-fated push to reduce the trade deficit cost them over $35 billion last year. Put simply, American carmakers are basically paying tax on their own products that are imported into the country. WHAT HAPPENED Washington passed the tariffs and Detroit felt the pinch. U.S. tariffs have cost global automakers at least $35.4 billion since 2025. . Of which, $6.5 billion was absorbed by the Detroit “Big Three” — General Motors, Ford Motor Company, and Stellantis. Here's how it works: President Trump's 25% tariffs on steel, and then another 25-50% on aluminum imports, trickle downstream as 50% tariffs on auto parts like chassis, and axles as steel and aluminum are the major cost base for automakers. When input costs rise, so do car production costs. In this case, it rose as much as $400 per car. Now imagine steel that's being traded across borders. Every port of entry adds a to
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