Washington, DC, March 01, 2018 (GLOBE NEWSWIRE) -- International automakers have serious concerns with the Administration’s proposed restrictions on trade in aluminum and steel. Automakers and their American consumers will bear the brunt caused by increased prices of two metals essential to the production of cars and trucks in the U.S.
“The President’s pending decision on tariffs and quotas for steel and aluminum trade highlights several unfortunate ironies,” said John Bozzella, President and CEO of Global Automakers and spokesman for Here For America. “With one stroke of the pen, much of the promised benefit of tax reform and other Administration initiatives aimed at reviving manufacturing and protecting national security could be undercut.”
An analysis of tariffs on steel imposed in 2002 found that the Bush steel tariffs cost 200,000 jobs, including 30,000 in Michigan, Ohio, and Pennsylvania alone. Tariffs and quotas will also undermine national security. More expensive steel and aluminum will not simply raise the price of cars and trucks. It will increase the price of any and all goods that use steel and aluminum – Air Force planes, Navy ships, and Army vehicles – meaning that the Pentagon’s budget will buy fewer of them.
“Trade restrictions and higher prices will nullify many of the benefits we have seen from tax reform. Investments earmarked for new products and plants will instead be funneled to pay for rising steel and aluminum prices used in existing products and facilities,” said Bozzella. “There are better ways to address concerns about the American steel and aluminum industries. It’s time to go back to the drawing board.”
Here For America tells the story of international automakers and dealers, their ever-growing impact on the U.S. economy, and the benefits they provide to local communities. The contributions of international automakers and dealers are integral to the success of today's U.S. auto industry, the most vibrant and competitive auto market in the world. Here for America is an initiative of the Association of Global Automakers to increase public education about the importance of international automakers to American job creation, economic growth, technological innovation and strong communities. Visit www.hereforamerica.com and follow Here For America on Twitter and Facebook.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7a488b49-1f43-4a3e-bbd1-54af3e524351
Annemarie Pender Here For America firstname.lastname@example.org
Source: Here For America