Despite opposition from some key GOP leaders, President Donald Trump on Thursday signed two proclamations levying tariffs on aluminum and steel imports, a move that could kill 45,000 U.S. auto jobs, a Council on Foreign Relations.study shows.
The analysis by Benn Steil and Benjamin Della Rocca of the nonprofit research council estimates that a 25-percent tariff would increase the price of U.S.-manufactured vehicles by 1.3 percent on average, reports The Hill, a Washington publication. That, in turn, would lead to a 4 percent drop is U.S. auto sales around the world and a reduction in the workforce.
Trump said that the tariffs are intended to protect American jobs. The tariffs take effect in 15 days and initially don't cover imports from Canada and Mexico.
“I’ll have a right to go up or down depending on the country, and I’ll have a right to drop out countries or add countries,” Trump said, according to the Washington Post. “I just want fairness because we have not been treated fairly by other countries.