The Trump administration has investigated whether auto imports are a threat to national security. If they are, Trump could slap a 25% tariff on imported cars and car parts. The goal would theoretically be to bolster domestic automakers Ford, GM, FCA, and Tesla. And that would be industrial socialism. The Trump Commerce Department has finished its review of whether imported cars and cars parts are a national security threat. The findings haven’t yet been released, but the President now has 90 days to do what big exporters such as the Germans already think he’s going to do: threaten 25% tariffs on vehicles and components coming into the US. If Trump does go for the tariffs, it would be an excellent example of American socialism in action. But before we get to that, in the short term tariffs would simply screw up a car-buying paradise for American consumers. The US auto market is capitalism at its finest, refined to a state of near-perfection over decades. It unifies … [Read more...] about Trump’s possible national-security tariffs on autos would be socialism at its worst. Here’s why they’re bad for America.
Tariff on imports
DETROIT — America's auto industry is bracing for a potential escalation in President Donald Trump's tariff war with the world, one that could weaken the global auto industry and economy, inflate car prices and trigger a backlash in Congress. Late Sunday, the Commerce Department sent the White House a report on the results of an investigation Trump had ordered of whether imported vehicles and parts pose a threat to U.S. national security. Commerce hasn't made its recommendations public, and the White House has so far declined to comment. If Commerce did find that auto imports imperil national security, Trump would have 90 days to decide whether to impose those import taxes. Trump has repeatedly invoked his duty as president to safeguard national security in justifying previous rounds of tariffs. An obscure provision in trade law authorizes a president to impose unlimited tariffs on particular imports if his Commerce Department concludes that those imports threaten America's … [Read more...] about US automakers to Trump: Don’t slap tariffs on imported cars
WASHINGTON (Reuters) - A confidential Commerce Department report due to be sent to Donald Trump on Sunday is widely expected to clear the way for the U.S. president to threaten tariffs on imported autos and auto parts by designating the imports a national security threat, auto industry officials said on Friday. FILE PHOTO: Imported vehicles are shown out for delivery in National City, California, U.S. June 27, 2018. REUTERS/Mike Blake The report’s recommendations may bring the global auto industry a step closer to its worst trade nightmare - U.S. tariffs on millions of imported cars and parts of up to 25 percent that many in the industry fear would add thousands of dollars to the cost of vehicles and potentially cost hundreds of thousands of jobs throughout the U.S. economy. The contents of the report are expected to remain classified while Trump considers its recommendations, leaving the industry and major car exporters Japan, the European Union and South Korea in the … [Read more...] about Automakers brace for U.S. government report on import tariffs
DETROIT — Sometimes, on a bad night, Brad Strong wakes at 2 a.m. and can't get back to sleep. The insomnia isn't about his family or money or health. It's about tariffs. The Strong family's three car dealerships in Salt Lake City could suffer a significant blow if President Donald Trump proceeds with a proposal to impose tariffs of 20 to 25 percent on imported autos and auto parts. Strong may be in for a few more sleepless nights. By Sunday, Trump's Commerce Department is expected to issue an opinion on whether auto imports endanger U.S. national security enough to justify such import taxes. Trump would then have 90 days to decide whether to impose them. The department could decide to postpone its conclusion. Or it could just hand its recommendations to Trump without making them public. But if it does suggest that Trump impose the tariffs, Commerce would be advocating a major escalation in Trump's combative trade policies. So far, he has stuck tariffs on imported steel, aluminum, … [Read more...] about Trump’s new trade decision: Impose tariffs on imported cars?
MANILA - Imported cement will be slapped a provisional P8.40 per bag duty equivalent to 4 percent of its cost to protect local manufacturers and ensure the commodity's stable supply and price, the Department of Trade and Industry (DTI) said Thursday. The DTI said that cement imports increased from only 3,558 metric tons in 2013 to more than 3 million tons in 2017. The share of imports also increased from only 0.02 percent to 15 percent during the same period, leading to a 49 percent decline in manufacturers' income in 2017. At present, there's zero tariff on imported cement, the DTI said, which has put local manufacturers at a disadvantage. "With the elements of surge and injury clearly established, DTI is mandated to impose a safeguard duty," the DTI said in a statement. Besides discouraging imports, the duties on cement will also encourage existing and new players to build additional facilities for domestic production, and address the country's perennial trade deficits, the DTI said. … [Read more...] about DTI imposes provisional duty on imported cement amid surge in imports