Noted economist honored by Trump warns that 25% tariffs risk ‘irreparable damage’ to US automakers
WASHINGTON (AP) — Noted economist Arthur Laffer warns in a new analysis that President Donald Trump’s 25% tariffs on auto imports could add $4,711 to the cost of a vehicle, adding that the proposed taxes could weaken the ability of U.S. automakers to compete with their foreign counterparts.
In the 21-page analysis obtained by The Associated Press, Laffer, whom Trump awarded the Presidential Medal of Freedom in 2019 for his contributions to economics, says the auto industry would be in a better position if the president preserved the supply chain rules with Canada and Mexico from his own 2019 USMCA trade pact.
more:
http://apnews.com/article/trump-art-laffer-auto-tariff-warning-ba62f55af070e40e9d6eddf5d8433ad1?
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