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Auto industry may lose 17 percent of profits due to Trump's tariff plan: Report

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Carmakers in the U.S. and Europe could lose up to 17 percent of their combined annual core profits in a worst-case scenario if the U.S. imposes steep tariffs on Europe, and two key U.S. allies,
Donald Trump's proposal to impose a 10 percent tariff on all imports and a 60 percent tariff on Chinese goods has raised concerns within the U.S. auto industry about potential profit declines. Industry leaders and experts argue that these tariffs could lead to higher costs for consumers, disrupt supply chains, and provoke retaliatory measures from trading partners, particularly China. The auto sector, which relies heavily on global supply chains, fears that such tariffs would not only increase the price of vehicles but also reduce competitiveness in international markets. Additionally, there's apprehension about the impact on electric vehicle (EV) production, where reliance on imported materials like lithium and cobalt could make EVs significantly more expensive. Critics of the tariff plan suggest that it might lead to job losses rather than gains, as the increased costs could dampen demand for new vehicles.

Read the Full The Hill Article at [ https://thehill.com/business/5015145-trump-tariff-plan-auto-industry-profits/ ]