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GM: Tariffs Could Lead to a "Smaller GM”
General Motors Co. says hefty import taxes on foreign-made cars will lead to higher prices that could cut domestic production, eliminate jobs, curtail rather than encourage investment and shrink the company.
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General Motors Co. says hefty import taxes on foreign-made cars will lead to higher prices that could cut domestic production, eliminate jobs, curtail rather than encourage investment and shrink the company.
GM submitted its comments to the Dept. of Commerce, which seeks to determine whether imported vehicles threaten national security by undermining the technological abilities of domestic carmakers. President Donald Trump has threatened to use that rationale to impose duties of 20%-25% on imports later this year.
GM says stiff tariffs would reduce its ability to compete in today’s “fast-paced transportation revolution led by cutting-edge technologies.” The company operates 47 factories in the U.S., where it employs 110,000 people but warns that tariffs may lead to a “smaller GM.”
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