June 2, 2018

Trump's new auto tariffs could cost 195,000 jobs

Reason - A new study says the American automobile industry will lose 195,000 jobs over the next three years if President Donald Trump presses forward with a plan to impose 25 percent tariffs on imported cars and auto parts. That's on top of the existing tariffs on steel and aluminum, which are already forecast to whack automakers and other manufacturing jobs.

According to the study, which was released by the D.C.-based Peterson Institute for International Economics (PIIE), a 25 percent tariff on automobiles and auto parts would cause production in those industries to fall by about 1.5 percent and would force the industry to shed around 1.9 percent of its American workforce. The resulting slowdown would affect more than $200 billion in U.S. exports, PIIE projects.

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