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Home / Business / GM says US import tariffs could mean "smaller" companies, fewer jobs

GM says US import tariffs could mean "smaller" companies, fewer jobs



(Reuters) – General Motors Co warned on Friday that higher tariffs on imported vehicles being considered by the Trump administration could cost jobs and lead to a "smaller GM" while US companies would default on the global one Market would be isolated.

FILE PHOTO: A General Motors logo can be seen at his plant in Silao, Guanajuato, Mexico, on November 9, 201
7. Picture from 9th November 2017. REUTERS / Edgard Garrido

The administration started in May. Www.germnews.de/archive/gn/1999/02/11.html Whether the imported vehicles pose a threat to national security, US President Donald Trump has repeatedly threatened to enforce a 20 percent vehicle import tariff.

The largest US automaker said in comments with the US Department of Commerce that exaggerated tariffs "could lead to a smaller General Motors, a reduced presence at home and abroad for this iconic American company and less – not more – US Jobs mean. "

Higher tariffs could also increase vehicle prices and reduce sales, GM said.

The comments followed those of two major US auto retailers on Wednesday, warning that tariffs of up to 25 percent on imported vehicles would cost hundreds of thousands of auto jobs, dramatically increase vehicle prices and endanger industrial spending drive.

While automakers choose not to pass on higher costs, "it could still lead to less investment, fewer jobs and lower wages for our employees, and the carry-on effect of less investment and a smaller workforce could be groundbreaking Delay technologies, "said GM.

GM operates 47 US manufacturing facilities and employs approximately 110,000 people in the United States. Each year, the company buys US $ 10 billion in parts from US suppliers and has invested more than US $ 22 billion in US manufacturing operations since 2009.

However, 30 percent of the vehicles sold on the US market in 2017 were manufactured overseas, according to the Michigan Center for Automotive Research. Eighty-six percent of these vehicles came from Canada and Mexico, others came from Europe and China.

The Detroit automakers Ford Motor Co and Fiat-Chrysler Automobiles NV also import many of the vehicles they sell in the United States.

"The exaggerated and steep application of import tariffs to our trading partners runs the risk of isolating US companies like GM from the global market, which maintain and strengthen our strength here at home," GM said.

Some supporters have said Trump is pursuing the National Security Investigation to put pressure on Canada and Mexico to agree to concessions in negotiations to renegotiate the North American Free Trade Agreement.

GM shares closed Friday at 2.8 percent at $ 39.40.

Toyota Motor Corp. submitted separate comments against Friday's tariffs, saying they would "threaten US production, jobs, exports and economic prosperity".

The company noted that Trump has repeatedly praised the Japanese automaker for investing in the United States Including a new joint venture assembly plant in Alabama with Mazda worth $ 1.3 billion.

"These investments reflect our confidence in the US economy and the power of government tax cuts," said Toyota.

Toyota stated that international automakers assembling vehicles in the United States are "America's closest allies" in countries such as Japan, Germany and South Korea.

The Department of Commerce is planning two days of public hearings next month, and Secretary of Commerce Wilbur Ross said last week he wanted to close the investigation on whether imported vehicles pose a threat to national security by the end of July or August.

"We've already received about 2,500 comments," Ross said in a statement on Friday, adding that he expected more ahead of midnight.

"The purpose of the commenting period and the public hearing planned for 19 and 20 July is to ensure that the views of all stakeholders are heard, both for the stakeholders and for the stakeholders, which will enable us to make our best possible recommendation to the President, "the statement said.

Reporting by David Shepardson; Arrangement by Bernadette Baum and Tom Brown


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