Trump’s recent move to impose hefty new tariffs on foreign steel and aluminum producers may quickly backfire and hurt precisely those who supported candidate Trump, especially workers in the U.S. auto industry.
Steel imports will now face 25 percent tariffs, while aluminum will be subject to new 10 percent duties – prices for cars could go up by hundreds of dollars, analysts warn.
“The exact impact of the new tariffs on the auto industry is unclear, in part because there are so many different sources of parts and components that go into the typical vehicle. Manufacturers and their suppliers are trying to figure the precise cost, said Joe Phillippi, head of AutoTrends Consulting, but he estimates it will be $200 to $300 a car. Some have put the figure significantly higher, and the number could vary widely by manufacturer.”
Read the article at NBC News.