Latest news with #DetroitThree
Yahoo
13-06-2025
- Automotive
- Yahoo
Trump considers auto tariff hike to boost US production
US President Donald Trump announced on that he may soon raise auto tariffs, aiming to encourage automakers to accelerate their investments in the US, reported Reuters. This move comes amid ongoing discussions between automakers and the White House regarding the 25% tariffs previously imposed on autos by Trump. Trump said at a White House event: "I might go up with that tariff in the not too distant future. The higher you go, the more likely it is they build a plant here." The Detroit Three automakers have expressed concerns over a recent deal that reduces tariffs on British car imports while maintaining them for Canadian and Mexican production. Trump highlighted recent investment commitments, such as General Motors' plan to invest $4bn in three US plants and relocate some SUV production from Mexico. In March, Hyundai announced a $21bn investment, which includes a new US steel plant. Mexico stated last month that cars assembled in Mexico and exported to the US will face an average tariff of 15%, rather than 25%, due to reductions for the value of US content. Trump said: "They wouldn't have invested 10 cents if we didn't have tariffs, including for manufacturing American steel, which is doing great.' Automakers are grappling with rising cost pressures due to tariffs. Ford Motor and Subaru of America have recently increased prices on certain models to offset higher costs. In May, Ford projected that tariffs would impact its adjusted earnings by approximately $1.5bn. General Motors reported last month that its current tariff exposure ranges from $4bn to $5bn, including around $2bn on affordable vehicles imported from South Korea, where entry-level Chevrolet and Buick models are produced. "Trump considers auto tariff hike to boost US production – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
13-06-2025
- Automotive
- TimesLIVE
Trump says he may soon increase car tariffs to push more US production
US President Donald Trump on Thursday warned he may soon hike car tariffs, arguing that could prod carmakers to speed US investments. "I might go up with that tariff in the not too distant future," Trump said at a White House event. "The higher you go, the more likely it is they build a plant here." Carmakers have been pressing the White House to reduce the 25% tariffs Trump imposed on cars. The Detroit Three carmakers have criticised a deal that would cut tariffs on British car imports but not on Canada or Mexico production. Trump cited recent investment announcements, including GM saying this week it plans to invest $4bn (R71,882,393,200) in three US plants and move some SUV production from Mexico. He also noted a $21bn (R377,382,600,000) Hyundai investment announced in March, including a new US steel plant. "They wouldn't have invested 10c if we didn't have tariffs, including for manufacturing American steel, which is doing great," Trump said. Mexico said last month cars assembled in Mexico and exported to the US will face an average tariff of 15%, not 25%, because Washington is giving carmakers reductions for the value of US content. Carmakers are facing increasing cost pressures stemming from tariffs. In recent weeks, Ford Motor and Subaru of America have hiked prices on some models due to higher costs from Trump's tariffs. In May, Ford estimated tariffs would cost it about $1.5bn (R26,939,413,200) in adjusted earnings. GM said last month it had a tariff exposure of between $4bn (R71,882,393,200) and $5bn, including about $2bn (R35,942,920,000) on the more affordable vehicles GM imports from South Korea, where it makes entry-level Chevrolet and Buick models.
India Today
12-06-2025
- Automotive
- India Today
Might go up: Trump signals hike in auto tariffs for more US production
U.S. President Donald Trump on Thursday warned he may soon hike auto tariffs, arguing that could prod carmakers to speed U.S. investments."I might go up with that tariff in the not-too-distant future," Trump said at a White House event. "The higher you go, the more likely it is they will build a plant here."Automakers have been pressing the White House to reduce the 25% tariffs Trump imposed on autos. The Detroit Three automakers have criticised a deal that would cut tariffs on British car imports but not on Canadian or Mexican Trump cited a series of recent investment announcements, including GM saying this week that it plans to invest $4 billion in three U.S. plants and move some SUV production from Mexico. He also noted a $21 billion Hyundai investment announced in March including a new U.S. steel plant."They wouldn't have invested 10 cents if we didn't have tariffs, including for manufacturing American steel, which is doing great," Trump said last month that cars assembled in Mexico and exported to the U.S. will face an average tariff of 15%, not 25% because Washington is giving automakers reductions for the value of U.S. are facing increasing cost pressures stemming from tariffs. In recent weeks, Ford Motor F.N and Subaru of America 7270.T have hiked prices on some models due to higher costs from Trump's tariffs. In May, Ford estimated tariffs would cost it about $1.5 billion in adjusted said last month it had a current tariff exposure of between $4 billion and $5 billion, including about $2 billion on the more affordable vehicles GM imports from South Korea, where it makes entry-level Chevrolet and Buick InMust Watch
Yahoo
12-06-2025
- Automotive
- Yahoo
Trump warns of auto tariff hikes to spur U.S. investment
-- U.S. President Donald Trump signaled Thursday that he might increase auto tariffs soon to encourage carmakers to boost their investments in the United States. "I might go up with that tariff in the not too distant future," Trump said during a White House event. "The higher you go, the more likely it is they build a plant here." Automakers have been asking the White House to lower the 25% tariffs Trump previously imposed on vehicles. The Detroit Three automakers have expressed opposition to a deal that would reduce tariffs on British car imports while maintaining them on vehicles produced in Canada or Mexico. Trump pointed to several recent investment announcements as evidence of his policy's effectiveness. These include General Motors (NYSE:GM)' plan announced this week to invest $4 billion in three U.S. plants and relocate some SUV production from Mexico to the United States. He also mentioned Hyundai (OTC:HYMTF)'s $21 billion investment announced in March, which includes a new steel plant in the U.S. "They wouldn't have invested 10 cents if we didn't have tariffs, including for manufacturing American steel, which is doing great," Trump said. Related articles Trump warns of auto tariff hikes to spur U.S. investment AMD gains on Nvidia? Lisa Su reveals new chips in heated AI inference race Lawmakers push to ban direct-to-consumer drug advertising, WSJ reports Sign in to access your portfolio
Yahoo
12-06-2025
- Automotive
- Yahoo
Trump says he may soon hike auto tariffs to get more US production
By David Shepardson and Jeff Mason WASHINGTON (Reuters) -U.S. President Donald Trump on Thursday warned he may soon hike auto tariffs, arguing that could prod automakers to speed U.S. investments. "I might go up with that tariff in the not too distant future," Trump said at a White House event. "The higher you go, the more likely it is they build a plant here." Automakers have been pressing the White House to reduce the 25% tariffs Trump imposed on autos. The Detroit Three automakers have criticized a deal that would cut tariffs on British car imports but not on Canada or Mexico production. Trump cited a series of recent investment announcements including GM saying this week that it plans to invest $4 billion in three U.S. plants and move some SUV production from Mexico. He also noted a $21 billion Hyundai investment announced in March including a new U.S. steel plant. "They wouldn't have invested 10 cents if we didn't have tariffs, including for manufacturing American steel, which is doing great," Trump said. Mexico said last month that cars assembled in Mexico and exported to the U.S. will face an average tariff of 15%, not 25% because Washington is giving automakers reductions for the value of U.S. content. Automakers are facing increasing cost pressures stemming from tariffs. In recent weeks, Ford Motor and Subaru of America have hiked prices on some models due to higher costs from Trump's tariffs. In May, Ford estimated tariffs would cost it about $1.5 billion in adjusted earnings. GM said last month it had a current tariff exposure of between $4 billion and $5 billion, including about $2 billion on the more affordable vehicles GM imports from South Korea, where it makes entry-level Chevrolet and Buick models. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
