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GM and other US automakers would take big hit from Trump tariffs

The article from Reuters discusses the potential impact of former President Donald Trump's proposed 10% tariffs on imported vehicles if he were to win the 2024 election. According to a study by the Center for Automotive Research (CAR), these tariffs could significantly affect U.S. automakers like General Motors (GM), Ford, and Stellantis. The study suggests that these tariffs would increase the cost of vehicles, potentially reducing sales and profits for these companies, especially since they rely heavily on imported parts and vehicles. The tariffs could lead to a decrease in U.S. vehicle production by about 1.3 million units over three years, with a corresponding loss of 36,000 jobs. Additionally, the article notes that while the tariffs aim to protect domestic manufacturing, they might instead harm U.S. automakers by making their products less competitive both domestically and internationally due to increased costs.

Read the Full Reuters Article at [ https://www.reuters.com/business/autos-transportation/gm-other-us-automakers-would-take-big-hit-trump-tariffs-2024-11-26/ ]