The automotive industry faces severe repercussions from potential tariffs imposed by the Trump administration on imports from Canada and Mexico. Experts predict that if tariffs remain, car prices could increase by up to $12,000, leading to a significant drop in vehicle production and potential model shortages. Automakers like Ford have voiced concerns about long-term harm, indicating that the tariffs could disrupt the entire US automotive industry, causing catastrophic losses in output across North America.
Car prices are already at record highs, and President Trump's tariffs - if they stay in place - could send them into the stratosphere.
Ford CEO Jim Farley put the matter plainly at an investor conference last month: 'Let's be real honest, long term, a 25 percent tariff across the Mexico and Canadian border will blow a hole in the US industry that we have never seen.'
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