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Trump to consider possible import duties on automobiles
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Top Stories |
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IANS | 24 May, 2018
US President Donald Trump ordered the Commerce Department to start a
study into determining the need to impose import duties on autos and
parts.
"I instructed Secretary of Commerce, Wilbur Ross, to
consider initiating a Section 232 investigation into imports of
automobiles, including trucks, and automotive parts to determine their
effects on America's national security," Efe news reported quoting Trump
as saying in a statement on Wednesday, after meeting Ross to discuss
the current state of the US car industry.
The largest exporter of
cars to the US is Mexico, followed by Canada, Japan, Germany, and South
Korea, according to data from the Department of Commerce.
Trump
expressed dissatisfaction with the renegotiation of the North American
Free Trade Agreement with Canada and Mexico, an agreement that he had
threatened to break during the election campaign.
Also during the
campaign, Trump made the preservation of the auto industry one of the
pillars of his protectionist economic proposals, a promise that allowed
him to win in Michigan, where most of the auto industry is concentrated.
Since
Trump came to power, the Commerce Department has initiated more than
100 investigations over unfair competition, many of which have ended in
the imposition of tariffs.
One such investigation resulted in the
Trump administration imposing a 10 per cent tariff on aluminium and a
25 per cent tariff on steel, although he exempted some allies like
Argentina, Brazil, Australia and South Korea.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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