J.D. Tuccille: Trump's auto tariffs are soaking American buyers, and it is getting worse |
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J.D. Tuccille: Trump's auto tariffs are soaking American buyers, and it is getting worse
Protectionism is proving a sure route to high prices and limited markets
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In a sort of a tantrum, U.S. President Donald Trump last week threatened to impose 25 per cent tariffs on European cars and trucks entering the United States, up from the 15 per cent agreed to last year. The announcement sparked understandable outrage from European leaders who thought they had a deal. But it’s also poised to hurt American consumers, who are running up auto loan debt on increasingly expensive vehicles and may lose access to the few remaining affordable models if manufacturers pull them from the market. Trump’s tariffs are also, perversely, creating opportunities for Chinese automakers who are moving into Canada to fill the space created by exiting U.S. carmakers.
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Claiming “the European Union is not complying with our fully agreed to Trade Deal,” President Trump last Friday announced that he will be “increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States. The Tariff will be increased to 25 per cent.”
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