Mexican Media Brands
Trump Ponders 25% Import Tariffs on Foreign Cars
The White House is weighing a plan that would invoke national security to justify a 25% import tax on imported vehicles.
#economics
Share
The White House is weighing a plan that would invoke national security to justify a 25% import tax on imported vehicles, sources tell The Wall Street Journal.
Sources tell Reuters that President Donald Trump outlined the scheme when he met with carmakers on May 11 about easing future vehicle emission and fuel economy standards. The plan, still in the early stages of development, would use the Section 232 legal provision cited by the White House in March to rationalize import taxes on foreign steel and aluminum of 25% and 10%, respectively.
Trump has repeatedly threatened to tax cars from countries that levy import tariffs considerably greater than the 2.5% charged by the U.S. Invoking Section 232 would require an investigation and report by the U.S. Dept. of Commerce.
Last year the U.S. imported 8.3 million vehicles worth $192 billion, according to government data. Over the same period, the U.S. exported about 2 million vehicles worth $57 billion.
RELATED CONTENT
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.