Life in America sure is…TARIFFic! And by that, we mean every day’s a brand new roller coaster ride full of exciting twists and turns. 🎢 If you need to hurl, please do so in the bushes to your left. 🤢🪴
Tariffs are more complicated than Avril Lavigne. However, some are optimistic about how they could breathe life into Ohio’s auto industry. 🚘
Here’s Five Fast Facts on how auto tariffs could impact Ohio:
- 💸 Totally Tariff-ied - Trump just slapped a 25% tariff sticker on all vehicles shipped to the U.S. For assembled vehicles, the tariffs are in place as of last week. For parts, it’ll be May 3rd. The hope is that tariffs on imported cars will bring production back to American plants.
- 🏭 Power Plants - In Ohio, that means zombie plants like GM’s old Lordstown location could come back to life. In its heyday, the plant employed 10,000 people. Elected officials on both sides of the aisle agree that free trade has hurt the Midwest and sent jobs overseas.
- ⚖️ It’s Official - Officials in favor of the tariffs want to put tax, energy, and regulatory policies in place to make a manufacturing comeback easy. Some are keeping a cautious eye on tariffs and want to make sure there’s a method to the madness. Without a clear strategy in place, they could wind up hurting more than helping.
- 🏎️ Crusin’ for Cash - Before tariffs bring jobs back to the Midwest, they’ll likely drive the price of cars up. We’re talking thousands of dollars higher. Some officials have suggested making interest on auto loans for U.S. cars tax deductible to ease the burden on American consumers.
- 👩🏽🔧 Is This Homemade? - Buying an “American made” car isn’t always cut and dry. Many cars assembled in OH consist of imported parts. Take the Jeep Wranglers made in Toledo. Although it’s the only place where Wranglers are made, 28% of the parts come from overseas. Tariffs on those parts could impact the price tag.
🔥Bottom line: We’re still waiting for the ink to dry on all the tariff madness. How will things turn out? The rest is still unwritten, so feel the rain on your skin in the meantime. Wondering how Trump’s tariffs and policies impact the housing market? We’ve got you covered. Bop on over to this article and feed your noggin.
Do you work in the auto industry?
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