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Trump's tariffs could cost carmakers up to 17% of combined core profits, S&P says

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European and American carmakers are set to lose up to 17% of their combined annual core profits if the U.S. imposes import tariffs on Europe, Mexico and Canada, S&P Global said in a report on Friday,
The article from Reuters discusses the potential impact of former U.S. President Donald Trump's proposed tariffs on the automotive industry. According to S&P Global Ratings, if Trump were to impose a 10% tariff on all imported goods and a 60% tariff on Chinese imports, it could cost global automakers up to 17% of their combined core profits. This analysis comes in light of Trump's previous trade policies and the possibility of their reintroduction if he were to return to office. The tariffs would significantly affect companies like Tesla, Ford, and General Motors, which rely on global supply chains and exports. The report also notes that while these tariffs could lead to higher costs for consumers and potentially lower sales, they might also encourage domestic production, although at the expense of increased costs and potential trade retaliation from other countries.

Read the Full Reuters Article at [ https://www.reuters.com/business/autos-transportation/trumps-tariffs-could-cost-carmakers-up-17-combined-core-profits-sp-says-2024-11-29/ ]