As Trump continues to escalate his fight against foreign-made cars, some experts think the US will move closer to another recession. Prices of cars will go up, and sales could go down since the profit margins are already thin in the auto industry.
Some of Trump’s other trade policies have also hurt the auto industry. His tariffs on steel and aluminum cost GM and Ford about $1 billion each, and Fiat Chrysler around $500 million.
If tariffs escalate to the 25 percent cap Trump proposed, it could cost General Motors (GM) $6.3 billion, Fiat Chrysler Automobiles (FCA) $4.8 billion, and Ford $3.3 billion, according to a Deutsche Bank estimate.
Read the article at The Verge.
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