Donald Trump's tariffs on Mexico and Canada could hit major car manufacturers.peeterv/Getty ImagesDonald Trump's proposed tariffs could raise car prices, impacting US and European automakers.Tariffs may cost carmakers 17% of annual earnings and lead to credit downgrades, per S&P Global.General Motors, Jaguar Land Rover, Stellantis, and Volvo could be hit the hardest.President-elect Donald Trump's new tariff proposals could hit American and European carmakers hard — and could push prices up for your next car.A Friday note by S&P Global estimates a 25% tariff on Canadian and Mexican imports, coupled with a 20% tariff on light vehicle imports from the EU and UK, could cost some carmakers 17% of their annual earnings — and as high as over 30% — before factoring in interest, taxes, depreciation, and amortization.Higher tariffs could hit General Motors, Jaguar Land Rover, Stellantis, and Volvo hardest, S&P Global said.
Trump's Tariffs Could Make Your Next Car More Expensive
nsheidlower@insider.com (Noah Sheidlower), Business Insider
Fri, 11/29/2024 - 2:37pm
Topics: imagesdonald trump president-elect donald trump european mexican uk bmw ford hyundai mercedes-benz kelley blue book october commerce department president joe biden's inflation reduction act president claudia sheinbaum canada's prime minister justin trudeau canadians united states donald trump mexico s&p global general motors jaguar land rover stellantis volvo canadian for americans wells fargo canada business insider ev trudeau car trump's tariffs prices hit imports vehicle higher raise annual cost drugs industry credit heavily lead earnings push friday average data price
BING NEWS:
- Mexican president says did not discuss tariffs in call with Trump
Mexico's President Claudia Sheinbaum said on Thursday she did not specifically discuss tariffs in a call with U.S. President-elect Donald Trump a day earlier, after Trump threatened a 25% import tax that appears to contravene a free trade pact.
11/28/2024 - 2:18 am | View Link - Trump says he’ll protect US-made cars through steep tariffs, but there is no such thing as an all-American car
President-elect Donald Trump’s vowing to protect American-made cars through steep tariffs on imports. The problem is, there is no such thing as an all-American car.
11/27/2024 - 7:20 am | View Link - More
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