Auto Groups Urge Trump To Halt 25% Tariffs, Warning It Could Trigger Production Shutdowns, Bankruptcies, And Job Losses

Benzinga

Six major U.S. auto industry groups are lobbying the Trump administration to halt a 25% tariff on imported auto parts, set to take effect on May 3. A coalition of franchised dealers, suppliers, and major automakers warned the Trump administration that proposed tariffs could threaten U.S. automotive production. They stated that many suppliers are already financially strained and may be unable to survive the added costs. A letter dated April 21st warns that many financially strained auto suppliers cannot withstand abrupt tariff disruptions, which could trigger widespread production shutdowns, layoffs, and industry-wide job losses.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Six major U.S. auto industry groups are lobbying the Trump administration to haul out a 25% tariff

00:07on imported auto parts, said to take effect on May 3rd. A coalition of franchise dealers,

00:11suppliers, and major automakers warned the Trump administration that proposed tariffs

00:16could threaten U.S. automotive production. They stated that many suppliers are already

00:20financially strained and may not be able to survive the added costs. A letter dated April

00:2421st warns that many financially strained auto suppliers cannot withstand abrupt tariff

00:29disruptions, which can trigger widespread production shutdowns, layoffs, and industry-wide job

00:34loss. For all things money, visit Benzinga.com slash GSTV.

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