President Donald Trump's threat to slap heavy tariffs on imported cars and parts
may cost hundreds of thousands of American jobs and raise auto prices
in the U.S. by roughly 10 percent. That's according to analyses from
economists, industry groups, lawmakers and carmakers ahead of a June 29
deadline to submit comments to the U.S. Commerce Department.
Indeed, General Motors Co. warned on Friday that the tariffs being considered by the Trump administration could lead to a "a smaller GM" and risks isolating U.S. businesses from the global market, Reuters reported.
The largest U.S. automaker, with around 180,000 employees, said in its comments to the Commerce Department that the tariffs could "lead to a smaller GM, a reduced presence at home and abroad for this iconic American company, and risk less -- not more -- U.S. jobs."
In May, the Trump administration floated a 25 percent tariff on auto imports, framing the national security measure to ensure the vitality of key U.S. industries. Last week, Mr. Trump proposed a 20 percent tariff on all auto imports from Europe, before he gets the results of an investigation initiated last month by his own Commerce Department.
Here are the latest estimates on both job losses and costs:
A 20 percent tariff on EU auto imports may cost 100,000 U.S. jobs in 2019 alone, economists at Oxford Economics forecast in a June 28 note.
Read more: Trump auto tariffs may cost hundreds of thousands of U.S. jobs - CBS News
Indeed, General Motors Co. warned on Friday that the tariffs being considered by the Trump administration could lead to a "a smaller GM" and risks isolating U.S. businesses from the global market, Reuters reported.
The largest U.S. automaker, with around 180,000 employees, said in its comments to the Commerce Department that the tariffs could "lead to a smaller GM, a reduced presence at home and abroad for this iconic American company, and risk less -- not more -- U.S. jobs."
In May, the Trump administration floated a 25 percent tariff on auto imports, framing the national security measure to ensure the vitality of key U.S. industries. Last week, Mr. Trump proposed a 20 percent tariff on all auto imports from Europe, before he gets the results of an investigation initiated last month by his own Commerce Department.
Here are the latest estimates on both job losses and costs:
A 20 percent tariff on EU auto imports may cost 100,000 U.S. jobs in 2019 alone, economists at Oxford Economics forecast in a June 28 note.
Read more: Trump auto tariffs may cost hundreds of thousands of U.S. jobs - CBS News
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