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25% US tariff on Car Imports- Imports and the Location of Vehicle Production within the US
Tags: Current Focus, Renewal America, Managing Business, United States, Canada, Germany, Italy, China, Japan, South Korea, Automobiles, Capital Markets, The Economy, Movement for Renewal of America, 2. Cost of Living Action, 3. Income and Wages Fairness, 5. Bringing Jobs and Factories to the US, 6. Capital Allocation for Infrastructure, Goods and Services, 10. Health- Body/Mind Wellbeing for All ,
A 2024 US International Trade Commission report by David Riker of the effects on imports of 25% US tariff shows a 75% reduction in imports and a 5% increase in US prices. It would lead to large new investments in the US auto industry in different states. Hyundai recently announced a $21 billion investment plan in the US and building of a steel plant in Louisiana. General Motors will increase investments in the US and expand production. Other Japanese companies will make large investments for a presence in the US market.
"A new 25% tariff on U.S. imports from outside of North America would reduce vehicle imports by 73.9%, increase average prices of vehicles in the United States by 5.0%, and increase variable profits from domestic production by 5.2%." David Riker, USITC
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