Renewed Chinese auto tariffs would cost U.S. jobs, industry coalition warns
Reuters
Published Aug 23, 2019 11:19AM ET
Renewed Chinese auto tariffs would cost U.S. jobs, industry coalition warns
WASHINGTON (Reuters) - The head of a broad coalition of Japanese, German and South Korean automakers warned on Friday that renewed punitive Chinese tariffs on U.S. autos would hurt U.S. vehicle exports to China and put U.S. jobs at risk.
“The tit-for-tat tariffs, absent any meaningful negotiations, are damaging to the American auto industry," John Bozzella, who chairs the ad-hoc group "Here for America" that includes Volkswagen AG (DE:VOWG_p), Daimler AG (DE:DAIGn) and BMW AG (DE:BMWG), said in a statement.
"When these tariffs were initially imposed by China in 2017, American exports of finished vehicles dropped by 50 percent. We can’t let that happen to American workers again," added Bozzella, who also is chief executive of the Association of Global Automakers, a trade group representing Toyota Motor Corp (T:7203), Hyundai Motor (KS:005380), Nissan Motor Co (T:7201) and other foreign-owned brands building vehicles in the United States.
China imported 190,118 U.S.-made vehicles in 2018, down by 35% from a year earlier, according to data from country's top auto importer Sinomach Auto, citing trade tension and tariff adjustment.
Ford Motor Co (N:F), a net auto exporter to China, said Friday in a statement it encouraged "the U.S. and China to find a near-term resolution on remaining issues through continued negotiations. It is essential for these two important economies to work together to advance balanced and fair trade."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.