US President Donald Trump has ordered a probe into vehicle imports, which could bring new tariffs. The probe rests on a 1962 regulation which lets the president restrict imports in the name of national security. This is the statute that was invoked to allow the US administration’s tariffs on steel and aluminium, and is seen as a way of bypassing WTO rules. Shares in German and Asian automakers fell on the news.
Volvo Cars will start production of the S60 at its new plant in South Carolina later this year and it is conceivable that the auto maker could manufacture other models at the plant, if the tariffs come into force, reports Dagens Industri (DI).
When asked about the threat of US tariffs earlier this year, Volvo Chief Executive Håkan Samuelsson said that trade barriers and tariffs would have a massive impact on the auto industry. “Everything will cost more and it will be the customer who will have to pay. Free trade is good for everyone. We are building a plant in the US, where we are creating 4,000 jobs and we will export half of the volume. If we are not allowed to export, we will only be able to create half the number of jobs.”
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