BUSINESS/CHINA/COMMERCE/NAFTA/TARIFFS/TRUMP AS PRESIDENT: “General Motors warned Friday [6-29-18] that if President Trump pushed forward with another wave of tariffs, the move could backfire, leading to ‘less investment, fewer jobs and lower wages’ for its employees. The automaker said that tariffs on imports of cars and car parts — on top of an earlier spate of penalties — could drive prices up by thousands of dollars. The ‘hardest hit’ vehicles, General Motors said in comments submitted to the Commerce Department, are often bought by consumers who can least afford it. Demand would suffer and production would slow, all of which ‘could lead to a smaller G.M.’ Last month, Mr. Trump ordered an investigation into whether imported cars and automotive components could pose a national-security risk warranting tariffs of as much as 25 percent. If he goes ahead in the coming weeks, it would intensify a trade fight that has targeted allies and adversaries. In recent months, the administration has imposed tariffs on imported steel and aluminum, along with measures directed at China. Carmakers, in particular, have been caught in the middle. They rely heavily on metals to build their cars, including materials from overseas. The president’s threat to pull out of the North American Free Trade Agreement could hurt the industry’s supply chain, which integrates operations in the United States, Canada and Mexico.”
-Tiffany Hsu, “G.M. Says New Wave of Trump Tariffs Could Force U.S. Job Cuts,” The New York Times online, June 29, 2018