President Donald Trump is sitting with Maria Baltilomo on “Sunday Morning Futures.”
The president of the United Autoworkers (UAW) union said in an interview on Sunday Donald Trump's Canada and Mexico tariffs
UAW President Sean Fain has appeared ABC News ''This Week'' He defended controversial tariffs. It prompted retaliation by Canada and Mexico against US exports, and caused fears about the spread of the trade war.
“We're in crisis mode in this country,” Fein said. He added that the international trade system is “broken,” and that the US is in a “triage situation,” and that tariffs “not a final solution” is “a major factor in solving this problem.”
“Taxes are an attempt to stop bleeding from bleeding in American jobs over the past 33 years,” Fain said, adding that the US-Canada Agreement (USMCA) was replaced in 2019 as “millions of jobs” tried to condemn North American Free Trade Act (NAFTA) by leaving the US NAFTA.
Trump's latest tariffs could raise car prices by $12,000
UAW President Sean Fain defended President Donald Trump's tariffs. (Photo: Scott Olson / Getty Images / Getty Images)
Trump delayed the 25% tariff on car imports from Canada and Mexico for another month by April 2nd. At the time, Trump's mutual tariff system was also expected to be effective in line with what foreign trading partners imposed on US exports, and to raise US tariffs.
Under the NAFTA and USMCA, the North American automotive industry is deeply entangled between the US, Canada and Mexico as automakers distribute production facilities to three countries to promote efficiency.
Car payments have risen to the highest level for over 30 years
The North American automotive industry has facilities in the US, Mexico and Canada that may be affected by tariffs. (Getty Images/Tylight via Getty Images/Bloomberg)
Customs duties are taxes levied on imported goods. As applied to the North American automotive supply chain, tariffs can significantly increase costs to the prices paid by car manufacturers and consumers.
Some automotive components cross the US border multiple times during the production process. This will incur tariffs every time they cross if Trump's tariffs are implemented.
An analysis by Anderson Economic Group found that 25% car rates could increase prices by several thousand dollars.
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Crossover utility vehicles will rise in prices at least $4,000, pickup trucks will rise in $8,000 and massive SUVs will rise in $9,000. Electric vehicles (EVs) are up over $12,000, seeing the biggest increase in costs.
