An investigation into automobile and automotive parts imports has been conducted by the US Department of Commerce. The investigation, initiated in May this year, looks into the threat of automotive imports to US national security under Section 232 of the Trade Expansion Act of 1962, as amended. These imports include cars, SUVs, vans and light trucks, and auto parts. With public hearings related to the investigations already underway and the Trump Administration currently considering a 25% tariff on vehicles and auto parts from all foreign countries of origin, US auto manufacturers are left worrying that, if imposed, the tariffs would significantly cut auto production in the US, raise car prices and cost hundreds of thousands of US jobs. If recent trends continue, foreign countries will almost certainly take retaliatory measures, resulting in more burden on the US auto industry.
This Industrials Insight summarizes the recent US trade actions, the potential impact on the automotive industry and the actions you should take now.
If you would like to learn more, join our live webinar, “What is the Potential Impact of Recent US Tariffs and Trade Actions on the Automotive Industry?” hosted by our industry experts on Friday, September 28, 2018 (10 – 11 a.m. EST, 3 – 4 p.m. BST).