Republican Bill to End E.V. Tax Credit Could Hurt G.M. and Ford
A House Republican bill introduced this week would do away with tax credits that had encouraged Americans to buy electric vehicles and automakers to invest in new factories.
It Is Happening Every Day, Every Where
A House Republican bill introduced this week would do away with tax credits that had encouraged Americans to buy electric vehicles and automakers to invest in new factories.
Tariffs on imported parts will have a broad impact because all vehicles use components made abroad.
Companies that make cars in Canada will be exempted provided they keep up production.
A few carmakers have closed factories, laid off workers or shifted production in response to the auto tariffs that took effect last week.
The president said he “couldn’t care less” if automakers rose prices in response to planned tariffs, reasoning that buyers would choose U.S.-made cars over foreign brands.
The scale of the damage depends on the circumstances of each company’s supply chain.
President Trump’s approach to tariffs has unsettled many corporate leaders who believed he would use the levies as a negotiating tool. As it turns out, he sees them as an end in themselves.
The S&P 500 jumped about 1.2 percent on Wednesday, after two days of declines. Shares of automakers rallied.
The United Automobile Workers union has been pressing the automaker, which owns Chrysler and Jeep, to revive the plant in Belvidere, Ill.
North American car companies have operated across borders for three decades. Tariffs would raise prices and cost jobs in the short run, analysts say.