By Howie Katz
Car parts imported from China
Trump's 104% tariff on goods imported from China will cost Americans a pretty penny. Especially hard-hit will be the American car industry.
The car manufacturers, including Ford, General Motors, Stellantis (formerly Chrysler) and Elon Musk's Tesla, will have no choice but to keep importing foreign car parts because without them they would be left with only the shells of cars. That also applies to the foreign brands like Honda and Toyota that are manufactured in the United States.
That 104% tariff will cause the price of cars to rocket sky high. Most Americans will not be able to afford a new car.
Elon Musk's Tesla is made up mostly of Chinese-made parts
Because of the tariffs which he opposes, Elon Musk personally lost billions in the market. He called Trump's top trade adviser Peter Navarro a "moron" and "dumber than a sack of bricks."
Trump expects that his tariffs will establish new plants and produce many jobs in this country. But experts believe it will be two years before that can happen. Meanwhile Americans will be stuck with higher prices on just about everything they buy..
And those sky rocketing car prices will force the car industry to cut way back on the production of cars. That will cause thousands of American workers to lose their jobs.
That 104% tariff is crazy or Trump is crazy ... or both.
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