Talking in Birmingham, Alabama
He adds:
- disruptions from trade war is going to be painful
- Fed's job is a lot harder amid trade uncertainty
Meanwhile, while on the topic of auto tariffs, the major automotive trade group says that:
- Buyers of imported vehicles would face an average price increase of $5800 from a 25% import tariff based on Commerce Department data
- will tell trauma administration at 25% tariff on imported vehicles would cost US consumers 45 billion in higher vehicle costs
The higher tariffs can also lead to US auto producers boosting the price of their domestically produced cars. If a tariff is 25% and the US car company can compete with a 10% increase, they might be inclined to raise their prices 15% all things being equal. Who wins? Not the consumer.
