US Commerce department sends White House report on autos tariff probe - Reuters

Dhwani Mehta FXStreet

Reuters quotes a spokeswoman with the US Government, as saying that the US Commerce Department has sent a report on autos “Section 232” tariff probe to the White House, with regard to the potential 25% tariff hike.

The spokeswoman said that the contents of the report are undisclosed.

Further, it was reported that the US President Trump receives the report on threat of auto imports.

Additional insights on the auto tariffs probe report, courtesy Reuters:

Trump has 90 days to decide whether to act upon the recommendations.

Auto industry has warned of tariffs of up to 25 percent on millions of imported cars and parts that would add thousands of dollars to vehicle costs.

"These tariffs, if applied, could move the development and implementation of new automotive technologies offshore, leaving America behind".

"Not a single company in the domestic auto industry requested this investigation".

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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