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Auto tariffs would render the new KORUS 'meaningless'

Auto tariffs would render the new KORUS 'meaningless'

Since the spring, Trump has launched trade wars with European, Asian and North American trading partners, showing particular disdain for lopsided tariffs he said opened the United States market to imported autos, but kept American vehicles out of foreign markets.

In testimony on Thursday morning, Jennifer Kelly, the director of research development at the United Automobile Workers union, said that American workers had been harmed by decades of offshoring of auto production, and that a comprehensive investigation into the effect of foreign cars and vehicle parts on domestic manufacturing was "long overdue".

If he decides that imported cars are indeed a USA national threat, the new tariffs will go into effect after 15 days.

Auto interests are taking a much more aggressive approach to this trade disagreement with the White House because the stakes are so high for a global industry that sources components and exports vehicles around the world.

"We believe a comprehensive investigation into the impact of the loss of auto-manufacturing and its consequences for our national security and economic well-being is long overdue", said Thomas, who also called for a careful study before the administration takes any steps that will affect the complex global industry.

Since May, it's also been considering whether to impose tariffs of up to 25 percent on imports of cars and auto parts. His administration is considering the hike on the grounds that importing numerous vehicles poses a national security threat.

"Imposing tariffs on Hyundai vehicles or auto parts will jeopardize our livelihood today and future jobs for the next generation of Hyundai Motor Manufacturing Alabama team members".

Commerce's public hearing on the probe was initially to last two days, but the department decided last week to shorten it to just Thursday.

More news: Donald Trump and Melania Trump Honor Return of Fallen Secret Service Agent

The Trump administration has invoked Section 232 of the 1962 Trade Expansion Act to launch an investigation into the potential threat of foreign auto imports to national security.

The Peterson Institute for International Economics has warned the tariffs, even without retaliation, could lead to the loss of 195,000 U.S. jobs.

The U.S. Commerce Department sought feedback on President Donald Trump's plans to consider taxing auto imports.

Trump's tariffs are uniformly opposed by the US automotive industry.

Peter Welch, head of the National Automobile Dealers Association, said industry research showed the measures would cause 715,000 job losses. Jennifer Thomas, vice president of federal government affairs at the Alliance of Automobile Manufacturers, is testifying against the levies and notes that "our view is shared by over 2,200 comments that were filed before this hearing".

UBS strategists expect the U.S.to impose the vehicle levies by year-end (though not on auto parts). "I've heard story after story, and it's clear that tariffs will devastate Tennessee's auto industry and the communities in our state".

Last month, Trump threatened to add tariffs of 20 percent on all cars coming into the USA from the European Union. Higher tariffs will harm American workers, families and the economy.

An auto-trade war would be a body blow to automakers from General Motors to Toyota, which have fine-tuned their supply chains to take advantage of countries with low duties, such as the U.S. America's trade in cars and vehicle parts with the rest of the world amounted to more than $470 billion previous year. It would also raise the price of the typical new vehicle sold in the United States (now about $35,000) by $4,400 - $2,270 for US -built cars and $6,875 for imported cars and trucks.


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