(Nicole Gibillini – Bloomberg)
The chief executive of Canada’s second-largest auto parts maker is calling Donald Trump’s renewed threat to impose tariffs on U.S. trading partners “crazy,” arguing additional levies would lead to a recession not only in North America but also globally.
“There is nothing great about tariffs,” Linamar CEO Linda Hasenfratz told BNN Bloomberg’s Amanda Lang Tuesday, after the U.S. president took to Twitter to threaten countries that treat the U.S. unfairly when it comes to trade with additional tariffs.“Tariffs ultimately hit the consumer – consumers end up paying more, consumers stop buying, and a recession is the result.”
“So for Trump to say tariffs are good is crazy,” Hasenfratz added. “If he imposes additional tariffs, and doesn’t take away the ones that he’s got in place, he will be personally instigating a recession in this continent and possibly beyond our shores as well.” Click here to read more.
- Trump Says ‘Tariffs Are the Greatest,’ U.S. Auto Industry Says ‘Hell No’ (Detroit Metro Times)
- Paul Ryan Says Tariffs Are Not the Right Tool for U.S. Trade Negotiations (Reuters)
- Trump Isolated in His Push for Tariffs on Foreign Cars (Politico)
- ‘This is Madness’: Auto Industry Warns U.S. Lawmakers of Dire Tariff Consequences (CBC News)
- Except the UAW, Groups Rip Trump’s Proposed Auto Tariffs at Hearing (Detroit Free Press)
- Automakers Saved on Tax Cuts – Here’s How Much Could be Wiped Out by Tariffs (Bloomberg)