Automakers warned about negative consequences of application of 25% duties for the US economy

Two major automobile trading groups warned the administration of President Donald Trump that the application of 25% duty on imported cars would lead to the loss of hundreds of thousands of jobs in the sector and significantly raise prices. They believe that this step also threatens investments for the development of self-driving cars, Reuters reports. A coalition of major foreign manufacturers, including Toyota Motor, Volkswagen, BMW and Hyundai Motor, indicates that duties will harm both producers and consumers of the United States. The Alliance of Automobile Manufacturers, which includes General Motors, Ford Motor, Daimler, Toyota and others, believes that the application of duties will entail a number of retaliatory measures on the part of other states. As shown by the analysis of sales for 2017, the 25% duty will lead to an increase in the average price by 5 thousand 800 dollars. At the same time, annual costs for Americans will grow by 45 billion dollars.

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