What Trump's 100 Percent Auto Tariff Would Mean For The US Economy [Forbes]
Toyota Motor Corporation (TM)
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Source: Forbes
In a recent campaign speech, former president Trump vowe d “We're going to put a 100 percent tariff on every single car that comes across the line, and you're not going to be able to sell those guys if I get elected.” Trump was not clear in that March 17 speech about the target of his tariffs, but what would the consequences be of a 100 percent tax on imported autos? Conflicting Plans It could be catastrophic. At a time when so many worry about inflation, past experience with other goods suggests a tariff likely would drive up the cost of motor vehicles, domestic as well as imports, used cars as well as new. And rather than add jobs, as Trump insists, these tariffs likely would send thousands of US workers to the unemployment line In his March 17 speech, he implied he'd levy the 100 percent import tax only on Chinese nameplate vehicles made in Mexico. But, while the world's top seller of EVs, Chinese automaker BYD, does produce electric vehicles in Mexico, it sells few if any
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