Reactions to Trump proposed auto tariffs
Trump proposed tariffs have been a topic of discussion for multiple industries.
On Wednesday we told you about how the president of Texas Farm Bureau on Capitol Hill for a hearing on how tariffs could impact their lives, jobs and prices at the grocery store. And Thursday we discussed the impact these proposed tariff’s could have on the auto industry. Tennessee Senator Bob Corker meeting with Supreme Court nominee Brett Kavanaugh saying that he thinks this is a quote “terrible policy.” The center for automotive research found that a 25 percent tariff on autos and parts would add 44 hundred dollars to car prices. The proposed auto tariffs by President Trump might affect the way you go and buy a new car. According to a study done by the center for automotive research, Trump’s 25 percent tariff on auto imports would raise the price of buying a new car sold in the us by 4,400 dollars and raise imported cars by 6,875 dollars. “I never bought a new car before but thats definitely something that would make me reconsider,” says Garrett Laird I went to a dealership to see if they think the tariffs might affect business.
“I don’t know if there will be a huge impact to the overall business, you know victory auto group is committed at this point to minimizing any sort of impact that the tariffs have on our end consumer,” adds Gabriel Bishop, Sales manager. The study looks at new car sold for 35,000 dollars and says your car payment will jump from 533 month to 611 dollars.
Bishop believes if the tariffs pass it wont scare away the customers from buying a new car.
“There is a concern, nobody wants to see prices increase on vehicles,” tells Bishop. Trump says he may slap tariffs of 20 or 25 percent on auto imports, and asked the commerce department to study vehicle imports. “If it does happen, we could see a possible increase in pre owned vehicles sales, you know the vehicles that haven’t been hit with tariffs at this point. But like i said at this point there is quite a bit of inventory here state side and we don’t foresee any issue with it,” explains Bishop. I asked Bishop will they have to change their sales tactics if the tariffs passed.
“Our approach is consultative one where we help the customer find the right vehicle for them based off of their needs. So at the end of the day if the needs are there, i don’t know if the attics will have to change a whole lot,” exclaims Bishop.
I went to ask residents if hearing the price of buying a new car went up 4,000 dollar would they consider a used car or a new one.
“I would absolutely go with a used one instead,” tells a resident.