President Trump on BMW and tariffs.
BART BOATWRIGHT / Associate
A who's who of the auto industry is preparing for a few fighting Thursday, as the US Department of Commerce held a full-day hearing on the pros and co. The premise of the tariff introduced in 1965 by President Donald Trump is national security.
The Commerce Department has published a agenda who is speaking at the meeting, which takes place from 8:30 am to 5:30 pm in the Washington, DC agency's auditorium
Return here on Thursday morning when The Greenville News will host a live stream of the hearing The USA Today Network will also provide live coverage.
More: Car maker to Trump: Higher Customs Would Consumers, Work
First, the alliance is on the agenda of automakers that released a transcript of prepared statements by their spokeswoman Jennifer Thomas on Wednesday
A 25 percent tariff would be the price of an imported car drive up nearly $ 6,000 and the price of a US automaker. According to the alliance, $ 2,000 was built.
"This would amount to a $ 83 billion US dollar tax that would trigger a domino effect on industry and the economy," the group said. "As vehicle prices rise, demand decreases, lower demand means less production, and when production declines, jobs are lost."
Up to 200,000 American auto workers would lose their jobs if a 25 percent tariff were introduced, a Peterson Institute analysis quotes. This figure could rise to 600,000 if other countries imposed retaliatory tariffs.
Speakers on Thursday include the United Auto Workers, Volkswagen, Hyundai, European Union representatives, Mexico and Canada (among other nations) and several auto industry groups in the US and abroad.
BMW not on the agenda
BMW – a frequent target of Trump's criticism – has not made the agenda, although the German automaker would have thought it possible, said company spokesman Kenn Sparks
"The interests of BMW and those like us will certainly be represented at the hearings, "said Sparks.
In a letter dated June 28 to Secretary of Commerce Wilbur Ross, a BMW representative noted that free trade is boosting the American economy and preserving global order and peace.
"BMW directly and indirectly adds $ 6.3 billion annually to the South Carolina economy
leading to the employment of 36,285 people there," the letter noted.
BM W employs more than 10,000 people at its Spartanburg County facility, and has seen multi-year expansion of $ 600 million over the past year, raising its jobs to 11,000. The plant is on its way to producing more than 400,000 vehicles this year, of which about 70 percent will be exported.
BMW stated in its letter that it rejects the EU's 10 percent tariff on imported vehicles.
Mercedes, they send BMWs, "Trump said during a campaign meeting last month about the European Union." They send everything, we tax them practically nothing. We can not send our cars, and when we do, they charge the tax many times, which we dumbly do not charge. "
Trump went on to say," It's all going to work because we're the piggy bank of they like to take.
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