2018-07-24 — foxnews.com
Trump has long made clear that he wants Americans to pay higher prices for cars coming into the nation. On the campaign trail, he promised a tariff of 35 percent on "every car, every truck, and every part manufactured in Ford's Mexico plant that comes across the border." This past March, he threatened to impose tariffs on Europe' automobile manufacturers.
But even cars produced domestically will rise in price thanks to the president's economically illiterate trade interventions. As raw materials such as steel and aluminum rise in price, the cost of manufacturing each vehicle will rise. Manufacturers will pass those higher costs on to consumers.
The damage extends beyond our wallets and pocketbooks. As domestic manufacturing costs increase, the competitiveness of some American producers decreases.Â
Consider American Keg Company of Pennsylvania. Already, the company laid off a third of its workers due to rising steel costs.Â Or take General Motors. The automobile giant has announced it might have to lower wages and cut jobs.Â
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