General Motors filed on Friday with the U.S. Commerce Department warning that the expansive U.S. tariffs on imported vehicles being considered by the Trump administration will damage $GM, U.S. jobs and American global presence.
General Motors filed on Friday with the U.S. Commerce Department warning that the expansive U.S. tariffs on imported vehicles being considered by the Trump administration will damage $GM, U.S. jobs and American global presence.
Some of the autopart manufacturers that go into American cars, many foreign
GM is the largest U.S. automaker and made pointed comments about the downside of a “a smaller GM” and the risks of isolating U.S. businesses from the global market. The U.S. administration in May launched an investigation into whether imported vehicles posed a national security threat.
“Increased import tariffs could lead to a smaller GM, reduced presence at home and abroad for this iconic American company, and risk less – not more – US jobs” GM Commented
The U.S. has been aggressively pushing tariffs with steel and aluminum the first big ones and then was steadfast where he stands at the recent G7.
“The threat of steep tariffs on vehicles and auto component imports risks undermining GM’s competitiveness against foreign oil producers by erecting broad brush trade barriers and increase our global costs, remove a key means of competing with manufacturers in lower wage countries, and promote a training environment in which we could be retaliated against in other markets”
President Donald Trump has repeatedly threatened to quickly impose a 20 percent import tariff on vehicles. Earler this week Harley Davidson $HOG said they would build bikes in Europe as they cant compete in the U.S. .Trumps response via twitter that such a measure was un-American, wrong etc and threatened them with higher taxes.
We await a tweet or two in response ….
Source: Reuters
From The TradersCommunity News Desk