Auto Industry Warns Trump He’s Risking Layoffs And Bankruptcies in the United States With Tariffs. A letter from the groups to the President urges him to change his plans for a 25% tariff. 🇺🇸 The letter was signed by a wide range of major industry organizations that represent nearly every automaker in the country such as General Motors, Toyota, Volkswagen, Hyundai and others.
“Tariffs on auto parts will scramble the global automotive supply chain and set off a domino effect that will lead to higher auto prices for consumers, lower sales at dealerships, and will make servicing and repairing vehicles both more expensive and less predictable,” the letter said. “Most auto suppliers are not capitalized for an abrupt tariff induced disruption. Many are already in distress and will face production stoppages, layoffs and bankruptcy,” the letter, first reported by the Detroit Free Press, added. “It only takes the failure of one supplier to lead to a shutdown of an automaker’s production line. When this happens, as it did during the pandemic, all suppliers are impacted, and workers will lose their jobs.”
