The negative fallout from Trump's trade war tantrum is just beginning.
Volvo CEO says auto tariffs threaten jobs at U.S. plant
June 21, 2018
Harriet McLeod
Reuters
BERKELEY COUNTY, S.C. -- Volvo Cars CEO Hakan Samuelsson warned that the U.S.-China trade dispute could undermine plans to create up to 4,000 more jobs at the automaker's new U.S. plant.
"If you have trade barriers and restrictions, we cannot create as many jobs as we are planning to," Samuelsson said on the sidelines of an event celebrating the new plant.
The factory is the latest addition to several large-scale manufacturing operations in South Carolina, including a BMW plant, that rely heavily on export sales to support jobs.
"We want to export and if suddenly China and Europe have very
high barriers, it would be impossible," Samuelsson said. "Then you have to build the cars there. And then all cars will be more expensive, you have to invest more tooling and have every model in every country. That's against all the logic of modern economies that trade with each other."
Volvo and its new U.S. factory illustrate the conflicts created by President Donald Trump's proposals to impose tariffs of as much as 25 percent on imported vehicles and auto parts as a way to encourage more U.S. manufacturing and press trading partners to drop tariffs on American goods...
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http://www.autonews.com/article/20180621/COPY01/306219972/trump-volvo-tariffs-jobs-south-carolina-samuelsson