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A car hauler carries Toyota RAV4 vehicles as it enters to cross the Ambassador Bridge in Windsor, Ontario to go to Detroit, Michigan on February 3. — AFP
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US President Donald Trump has announced auto imports and standing rates, threatening retaliation from trade partners ahead of further promised trade taxes next week.
After the Asian markets opened on Thursday, shares in car makers declined sharply. The Japanese government termed Washington’s move “extremely tragic”, while Prime Minister Shigero Asba said Tokyo “was” considering all kinds of retaliation. “
Trump signed the order at the Oval Office, “What we are doing is 25 % tariff on all cars that were not done in the United States.”
Duties implement April 3 at 12:01 pm (0401 GMT) and affect foreign -made cars and light trucks. Key automobile parts will also come within a month.
Canadian Prime Minister Mark Carney called Trump’s prices “direct attack” on his country’s workers. He said the cabinet would meet on Thursday to discuss retaliation.
Trump’s senior councilor for trade and manufacturing, Peter Novaro, blew up “foreign trade fraud” after Trump’s announcement, which he said, turned the US manufacturing sector into a “low wage assembly operation for foreign parts”.
They took the goal of Germany and Japan to preserve the construction of high value parts in their countries.
Since returning to presidency in January, Trump has imposed fresh prices on imports of Canada, Mexico and China. It also includes 25 % duty on steel and aluminum.
The latest levies will be in addition to those already present for products.
But the White House added that vehicles entering the US Mexico-Canada Agreement (USMCA) could be eligible for a lower rate in terms of their US content.
Similarly, according to the USMCA, auto parts will be tariff free as officials will set up a process to target their non -US content.
‘Destructive effect’
The uncertainty about Trump’s trade plans and problems that he can mobilize has led to financial markets, consumer confidence in recent months has also fallen despite concerns about the impact of prices in recent months.
Wall Street Trump’s announcement of Wednesday afternoon, General Motors has declined by 3.1 percent, though Ford has taken advantage of a 0.1 percent increase.
In Japan on Thursday, the world’s highest -selling automaker Toyota declined by about 3.5 %, while Nissan declined 2.5 percent and Honda 3.1 percent. Friendly Motors has declined 4.5 %, while Mazda has decreased by 5.9 % and Sabaro has infiltrated 6.1 %.
In South Korea, shares of Hyundi declined 2.7 %.
Trump has defended the levies as a way to increase the government’s income and resurrect the US industry.
But targeting imported cars can pressure relations with countries such as Japan, South Korea, Canada, Mexico and Germany – which are close to US partners.
“Applying 25 percent of the taxes on imported cars will have a devastating impact on many of our close trade partners,” said Wendy Cutler, Vice President of the Asia Society Policy Institute and former Vice President of the US Trade Negotiation.
He added that Washington has free trade agreements with some affected parties, “under the trade agreement” questioning the value of US commitments “.
About 50 % of the cars sold in the United States are manufactured within the country. In imports, about half comes from Mexico and Canada, Japan, South Korea and Germany are also major suppliers.
More than half of the US -made users gathered from foreign parts, a White House official said.
The US Automotive Policy Council, representing Detroit’s “Big Three” carmakers – Ford, General Motors and Stellates -, issued a statement carefully on revenue, saying it hopes that this policy will promote US auto production.
But he emphasized: “It is important to impose prices in a way that refuses to increase prices for consumers.”
The Center for Automotive Research has previously estimated that US prices – including metals and imported autos – can raise a car price by thousands of dollars and weigh on the job market.
‘Independence Day’
In addition to the automobile industry, Trump is also looking at the revenue related to the sector, such as pharmaceutical, semidicators and wood.
Wednesday’s announcement came before April 2, which Trump has called “Liberation Day” for the world’s largest economy.
They have promised mutual Levies according to various trade partners, which have been developed to remove the methods that Washington considered unfair. On Wednesday, he said these duties would affect all countries.
Although Trump has requested emergency economic powers for some recent taxes, his auto -Levies is based on official investigations completed in 2019.
Investigations have found that excessive imports are weakening the internal economy and can damage national security.
