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Monday, 18 February 2019 13:00

U.S. agency submits auto tariff probe report to White House

U.S. agency submits auto tariff probe report to White House

The U.S. Commerce Department sent a report on Sunday to U.S. President Donald Trump that could unleash steep tariffs on imported cars and auto parts, provoking a sharp backlash from the industry even before it is unveiled, the agency confirmed, Caspian Energy News (www.caspianenergy.net) reports with reference to Reuters.

Trump has 90 days to decide whether to act upon the recommendations, which auto industry officials expect to include at least some tariffs on fully assembled vehicles or on technologies and components related to electric, automated, connected and shared vehicles.

The industry has warned that feared tariffs of up to 25 percent on millions of imported cars and parts would add thousands of dollars to vehicle costs and potentially lead to hundreds of thousands of job losses throughout the U.S. economy.

The Motor and Equipment Manufacturers Association, which represents auto parts suppliers, warned that tariffs will shrink investment in the United States at a time when the auto industry is already reeling from declining sales, Trump’s tariffs on steel and aluminum, and tariffs on auto parts from China.

 “These tariffs, if applied, could move the development and implementation of new automotive technologies offshore, leaving America behind,” it said in a statement.

Automakers and parts suppliers are anticipating its recommendation options will include broad tariffs of up to 20 percent to 25 percent on assembled cars and parts, or narrower tariffs targeting components and technologies related to new energy cars, autonomous, internet-connected and shared vehicles.

More details: https://www.reuters.com/article/us-usa-trade-autos/u-s-agency-submits-auto-tariff-report-probe-to-white-house-idUSKCN1Q706C

Person in charge of the newsline: Olga Nagiyeva 

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