United States President-elect Donald Trump’s protectionist economic policies threaten to increase the cost of automobile production in the United States. This was reported by a Japanese newspaper Nikkei.
The authors noted Trump’s plan to impose 10-20% tariffs on all imports. According to them, the implementation of such an idea could deal a serious blow to the automotive industry. In this case, the problem concerns both ready-made machines and components for them.
Journalists noted that the introduction of tariffs would increase the cost of a car by about 4 thousand dollars. Currently, approximately 10 million cars are produced annually in the United States. As a result, the total increase in costs will be 40 billion dollars.
The publication also suggested that Trump’s plan could affect other areas of the economy. Especially the steel industry.
US presidential elections were held on November 5. Democratic candidate Kamala Harris and Republican Party representative Donald Trump competed for this post. To win, one of the politicians had to receive at least 270 delegate votes. Trump’s election translated 295 votes.
Inauguration of the 47th President of the United States will happen January 20, 2025.
Trump’s previous victory augmented The wealth of the 10 richest people in the world reached a record amount.
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Source: Gazeta
Anika Rood is an author at “Social Bites”. She is an automobile enthusiast who writes about the latest developments and news in the automobile industry. With a deep understanding of the latest technologies and a passion for writing, Anika provides insightful and engaging articles that keep her readers informed and up-to-date on the latest happenings in the world of automobiles.