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With the impending threat of heavy tariffs on foreign vehicles imported into the US, several major auto manufacturers from affected nations will be meeting in Geneva to discuss the possibility of a unified response.
With President Trump threatening to levy tariffs up to 25 percent on auto imports, manufacturers have found little recourse but to unify, say sources. But what exactly could they do? Experts agree that this is the type of environment in which counter tariffs could be levied against US exports in retaliation.
What this means is that not only with the tariffs have devastating repercussions to the automotive industry globally, but potentially could also cause a landslide of tariffs on other goods. The other option discussed is to take the tariffs head on at the World Trade Organization (WTO.)
Trump's agreement on Wednesday to old off on car tariffs with the EU in exchange for reduced trade barriers for the US has assuaged some apprehension, but the mercurial nature of the President has shown his ability to revoke such offers and re-negotiate deals on the fly.
Representatives for several foreign manufacturers have expressed their concern and have begun to prepare for the worst while attempting to maintain hope for a more peaceful outcome.
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Written By: Todd Hendrickson
Source: CNBC
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