Metro Detroit automotive groups prepare for Trump tariffs impact
President Donald Trump set a deadline of February 1st to impose tariffs, or fees, on products imported from Canada and Mexico. The administration claims that this is the case unless foreign nations halt the flow of drugs and illegal immigrants into our country.
DETROIT (FOX 2):Many Metro Detroit automakers are preparing for the potential effects of tariffs imposed by the Trump Administration.
What they’re saying:
According to expert assessments, George Glassman of the Glassman Automotive Group says he is bracing himself for what might make everyone’s next vehicle even more costly.
We know:
President Donald Trump set a deadline of February 1st to impose tariffs, or fees, on products imported from Canada and Mexico. The administration claims that this is the case unless foreign nations halt the flow of drugs and illegal immigrants into our country.
In addition to imposing a 10% tariff on Chinese goods, Trump has accused China of being involved in the fentanyl epidemic.
According to Glassman, “you know this is uncharted territory,” “Depending on the tariff’s financial level, I believe it would be fairly challenging to overcome, but don’t get me wrong—this is a severe matter. Every automaker is worried about it.”
According to Jan Griffiths, a former executive in charge of car suppliers, the Big Three automakers have previously planned for this and are prepared to include those taxes on the higher price tag you’ll see when you’re shopping for new wheels.
There is a great deal of mystery about it. It’s one of the reasons why General Motors’ shares fell sharply following the release of the company’s most recent earnings report.
According to Griffiths, “They actually beat the Wall Street expectations,” “therefore you think—great—but the market believed they didn’t give enough direction on how they were going to manage tariffs, therefore their stock fell 9%. It’s really hard to predict how you’ll respond to something that hasn’t arrived yet.
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“I m confident that I m going to be able to find some common ground with the next administration,” she stated.