Border tax could raise car prices for U.S. consumers by $2,000 [Toronto Globe and Mail (Ontario, Canada)]
Ford Motor Company (F)
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Source: Toronto Globe and Mail
The Trump administration has a reason to think twice before slapping a border adjustment tax on automobiles – such a levy could raise prices for U.S. consumers by an average of about $2,000 (U.S.) a vehicle. That’s an estimate made by the Center for Automotive Research (CAR) in Ann Arbor, Mich., an industry think tank that has examined U.S. Speaker of the House Paul Ryan’s proposal for a 20-per-cent border tax. Based on U.S. sales of about 17.5 million vehicles last year, such a tax would add $1,970 on average and cost consumers $34.6-billion, said Kristin Dziczek, CAR’s research director. The average U.S. vehicle price was about $34,000 (U.S.) last year. “The logical thing to do as a business if you’re going to be taxed on your imports is to make sure you do as much of you can in this country which is the overall aim of what [the administration] is trying to do,” Ms. Dziczek said Monday from Ann Arbor. The potential border tax, tariffs on vehicles imported from Mexico and
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