Trump has a May 18 deadline to decide how to proceed with his threat to slap a tariff of 25% on imported cars and parts
President Trump sits with Atty. Gen. William Barr during the 38th Annual National Peace Officers' Memorial Service at the Capitol on Wednesday.
GM deferred comment on the tariff decision delay to industry representatives, while Ford declined to comment and Fiat Chrysler couldn’t be immediately reached. Spokespeople for Ross and Lighthizer did not immediately respond to a request for comment, and the White House declined to comment. “The reason autos are very important to our trade picture is about half of our trade deficit comes from the single product, automotive, and about the other half of our trade deficit comes from a geographic area and that’s called China,” Ross said on Friday.
Auto industry representatives have been working closely with the U.S. Trade Representative and the White House to publicly tout the benefits of USMCA and supported a White House study last month that laid out the expected job increases if the deal gets approved by Congress and fully implemented.After the Trump administration faced massive resistance from auto companies during the negotiations for the new NAFTA, they are now among the biggest proponents of the deal.
Tariffs on European cars imported into the U.S. would disproportionately hurt Volkswagen AG’s Porsche and Audi brands, as Porsche imports all of its U.S.-sold cars from Europe, while Audi imports more than two-thirds, according to data compiled by Bloomberg Intelligence.
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