News / US automakers fear 'double-whammy' cost hikes with latest tariffs

US automakers are facing a massive hike in car production costs with the imposition of 25% tariffs on all imported steel and aluminium.

The levies came into effect this morning, with President Trump having rowed back after threatening to hit Canada with 50% tariffs, although he maintained his recommendation that its northern neighbour become the US’s 51st state, to avoid a costly trade war.

While the intent is to penalise those importing into the US, the ...