Offbeat Trade group says tariffs could raise car prices by $83 billion a year
Tesla hikes prices in China as trade war hits automakers
U.S. carmaker Tesla has hiked prices on its Model X and S cars by about 20 percent in China, the first automaker to do so in the world's top automotive market in response to mounting trade tensions between the countries. The move is the earliest indication of how much higher Chinese tariffs on certain U.S. imports will flow through to buyers, with other automakers likely to follow suit or shift a greater portion of production to China."It's only chapter one of this story," said James Chao, a Shanghai-based analyst at consultancy IHS Markit, who expects more companies worldwide to be hurt by the trade spat.
A group representing major automakers will tell the U.S. Commerce Department on Thursday that imposing tariffs of 25 percent on imported cars and parts would raise the price of U.S. vehicles by $83 billion annually and would cost hundreds of thousands of jobs.
The Alliance of Automobile Manufacturers, a trade group representing General Motors, Volkswagen, Toyota and others, will tell the Commerce Department at a public hearing on Thursday that "higher auto tariffs will harm American families and workers, along with the economy” and “would raise the price of an imported car nearly $6,000 and the price of a U.S.-built car $2,000."
The Trump administration in May launched an investigation into whether imported vehicles and parts pose a national security threat and U.S. President Donald Trump has repeatedly threatened to quickly impose tariffs of 20 or 25 percent.
The Commerce Department said Wednesday it has made no decisions and aims to complete the investigation "within a couple months.”
Coke is raising prices, and it's citing Trump's tariffs .
Coke drinkers are likely to see prices for their favorite drinks rise this year, thanks in part to President Donald Trump’s tariffs, the company’s CEO said. Coke drinkers are likely to see prices for their favorite drinks rise this year, thanks in part to President Donald Trump’s tariffs, the company’s CEO said.
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