Monday, 22 October, 2018

Mazda joins Toyota in decrying possible auto tariffs

Mazda joins Toyota in decrying possible auto tariffs Mazda Condemns Trump’s Proposed 25 Percent Import Car Tariff
Priscilla Morrison | 30 June, 2018, 00:37

It plans two days of public hearings on July 19-20 and Commerce Secretary Wilbur Ross said last week he aimed to wrap up the probe into whether imported vehicles represent a national security threat by late July or August.

Both of the companies in Alabama's newest auto manufacturing plant project have voiced their opposition to possible tariffs on imported vehicles and auto parts being investigated by the Trump Administration. He's also imposing steep tariffs on foreign steel and aluminum.

"The overbroad and steep application of import tariffs on our trading partners risks isolating US businesses like GM from the global market that helps to preserve and grow our strength here at home", GM said.

"The correlation between a decline in vehicle sales in the United States and the negative impact on our workforce here, which, in turn threatens jobs in the supply base and surrounding communities, can not be ignored", the company said in the statement.

Toyota also submitted comments to the Commerce Department on Friday, saying import tariffs would "disrupt" USA -based production by depriving plants for key parts. Another analysis estimated losses as high as 195,000 over three years if 25 percent tariffs are applied broadly. The U.S. now charges a 2.5% tariff on European Union cars, while the EU's tariff on American vehicles is 10%. It would also be felt quickly.

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Among the US vehicles that GM builds overseas are the Buick Cascada, which is assembled in Poland, and the German-made Buick Regal.

"Moreover, it is likely that some of the vehicles that will be hardest hit by tariff-driven price increases-in the thousands of dollars-are often purchased by customers who can least afford to absorb a higher vehicle price point". "That's a "$45 billion tax on consumers", the group said, citing an analysis of Commerce Department data.

"The penalties we could incur from tariffs and increased costs will be detrimental to the future industrial strength and readiness of manufacturing operations in the United States, and could lead to negative consequences for our company and USA economic security", GM said in the Friday filing.

The company added it "is hard to foresee a situation in which any of them would engage in an armed conflict with the US or cut off supplies of defense materials, and if they did, the United States would have an easy recourse of simply seizing their USA plants".

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