Want to purchase a Toyota or a Mercedes? Be ready to pay more. According to a report in Politico, if Donald Trump has his way, all foreign cars could soon be a lot more expensive:
“A confidential government report has provided President Donald Trump with a legal rationale to impose heavy new tariffs on foreign cars as soon as this spring, a prospect fiercely opposed by White House officials and congressional Republicans alarmed by its enormous economic and political stakes.
“The Commerce Department submitted the report to the White House in mid-February, triggering a 90-day period for Trump to decide whether to impose tariffs, which could reach as high as 25 percent, on imported autos.”
MSNBC’s Rachel Maddow is, understandably, questioning how this policy would work and how it would come back to hurt not just your pocketbook, but the U.S. auto industry as well.
“Now the reason President Trump wants to do that, the reason he wants to impose thousands of dollars in price hikes on cars is because he thinks this is a genius economic deal-making strategy against foreign countries. He apparently either doesn’t care or doesn’t believe that when he does this unilaterally to foreign-made cars… he doesn’t get or he doesn’t believe or he is willing to call the bluff that there will be a similar reaction in all the other countries that we export American cars to.”
Watch what else Maddow said above.