Posted Date: 15/11/2018
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The Trump administrations shocking global tariff draft may be suspended

The Trump administration’s shocking global tariff draft may be suspended

Original title: This draft tariff that shocked the global industry, or will be suspended

Chicago Auto Show

According to a report on November 15th, the US media said that according to two people familiar with the matter, the Trump administration will postpone the imposition of new tariffs on automobile imports, and senior officials will consider adjusting for a report on the impact of national security.

According to a report by Bloomberg on November 14, President Trump met with his senior trade adviser at the White House on the 13th to discuss the draft report of the Ministry of Commerce on the investigation of the impact of automobile imports. People who did not want to be named because the meeting was not open said that the government is not ready to take action on tariffs, and the report may be further adjusted.

According to the report, the US Department of Commerce began investigating the impact of automobile imports on national security in May this year in accordance with Article 232 of the Trade Expansion Act of 1962, including SUVs, trucks and light trucks, and auto parts. Commerce Secretary Ross will submit his findings to Trump, and the President has the final say on whether to impose tariffs. Trump has threatened to impose a 25% tariff on imported cars.

Companies and governments from Europe to Asia have warned Trump that levying auto import tariffs will damage the US economy and disrupt the global auto industry.

The report said that the auto trade war will hit automakers such as General Motors and Toyota, which have built supply chains to take advantage of low-tariff countries. The National Association of Automobile Dealers estimates that if tariffs are imposed, the cost of cars made in the United States will increase by up to $2,270, and the cost of imported cars and trucks will increase by $6,875.

According to reports, Japanese automakers such as Toyota and Honda Motor Co. rose in trading on the 14th in Tokyo. North America is the largest sales area for these two car manufacturers. Toyota rose as much as 2%, and Honda Motors rose 2.6%. Subaru shares rose 4.1%, Mazda shares rose 2%, and Nissan shares rose 1.9%.

According to the report, if the US Department of Commerce concludes that imported cars threaten national security, Trump can decide whether to take action within 90 days after it officially receives the report from the Ministry of Commerce. The Ministry of Commerce can recommend various options for restricting imports, including tariffs and quotas. After the president announced that he would take measures, he had 15 days to take action.

According to reports, Trump has agreed not to impose auto tariffs on Europe, the two sides are developing a trade agreement, and Canada and Mexico have negotiated subsidiary arrangements for the new US-Mexico-Canada Agreement (USMCA) to exempt them from new commitments. American car tariffs, but with an exemption cap.

This draft tariff that shocked the global industry or will be suspended


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