Another round of auto tariffs just went into effect. They could change the industry forever
CNN
The average car buyer doesn’t think about where the parts in their their vehicle come from – but automakers do.
The average car buyer doesn’t think about where the parts in their vehicle come from – but automakers do. That’s why a new round of auto tariffs – this time on parts – coming into effect Saturday could upend the industry, even more than previous levies on imported cars. As of 12:01 am ET on Saturday, most auto part imports will come with a 25% import tax. The previous auto tariffs left US-made cars untouched. Not anymore. Not a single of the 10 million cars turned out by US plants last year was built without at least some imported parts. The tariffs on parts could now mean tens of billions of dollars in new cost to the industry – and eventually to American car buyers and owners. “Frankly, from my perspective, (the parts tariffs) looks worse for the broader economy than the tariffs on imported vehicles,” said Jonathan Smoke, chief economist at Cox Automotive, at an Automotive Press Association webinar this past week. More than 50% of the content of cars assembled in American auto plants is imported, according to the government’s own estimates. But the tariffs won’t apply equally to all those imports.
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