Six of the top policy groups representing the US automotive industry rarely issued a joint letter to the US government opposing the 25% tariffs on auto parts that will go into effect on 3 May. The groups represent franchised dealers, suppliers and nearly all major automakers.

Most auto suppliers do not have enough capital to cope with the sudden disruption caused by the tariffs, the letter said. Many suppliers are already in distress and will face production shutdown, layoffs and bankruptcy.

The closure of just one supplier could lead to the shutdown of an automaker's production line, which, as happened during the pandemic, would affect all suppliers and workers would lose their jobs, the letter added.
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AAStocks Financial News
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