Part 3/12:
Economic experts such as Ellen Hughes-Cromwick and members from the Council on Foreign Relations highlighted the potential for tariffs to raise consumer prices significantly. With the potential increase in the average cost of a vehicle by over $6,000 if implemented, these tariffs could lead to further economic ramifications.
Moreover, the discussion pointed out how the complex supply chains of the automotive industry, reliant on parts crossing borders multiple times, could be drastically disrupted. The vice president's perspective was that the tariffs could shift the industry away from an integrated supply chain to a more protectionist model, a notion echoed by those who have observed trade sentiment shift over time.