U.S. Secretary of Commerce Wilbur Ross (pictured above), will present his Department’s findings on the national security investigation of auto imports into the US later next month.
The report to President Trump could impact foreign automakers as the results may lead to the importation of new tariffs – up to 25% on imported cars and parts.
Earlier in May, the U.S. Department of Commerce started a “Section 232” investigation to determine whether imports of cars and parts pose a risk to U.S. national security. As you are aware, invoking Section 232 is the same rule Trump used to impose tariffs on steel and aluminum at 25% back in March of this year.
Last week, foreign governments from Japan, Canada and the EU along with US industry groups met with Commerce to express opposition to the investigation. These groups argued higher tariffs would harm American consumers and workers along with the economy. Part of the harm would stem from an estimated increase in price of imported cars by $6,000 and price of domestic built cars by $2,000.
Check back for further news regarding the auto import tariffs as they become available.