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Noted economist honored by Trump warns that 25% tariffs risk ‘irreparable damage’ to US automakers

  • President Trump announced a 25% tariff on all imported vehicles and parts, which potentially increases vehicle prices by thousands of dollars according to economist Arthur Laffer.
  • Economist Arthur Laffer warns that these tariffs risk 'irreparable damage' to the U.S. Auto industry and could make it difficult for U.S. Automakers to compete globally.
  • Trump's administration temporarily exempted auto and parts imports under the United States-Mexico-Canada Agreement from tariffs, aiming for a process to tax non-U.S. Content.
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Moneycab broke the news in on Thursday, March 27, 2025.
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