Auto Market Update: Trump Victory Puts Uncertainty In Automakers
The 2016 election has just ended and a new president has been elected. With a new leader comes changes and while others look forward to a new administration, some are uncertain about it. In particular, there is an uncertainty building up among automakers in America. This has something to do with the policy on trade that Trump will be implementing once he assumes office early next year.
The Building Uncertainty
A lot of automakers and manufacturers in the U.S auto industry rely on the open trade the country has with Mexico. According to a report from Reuters, this is one of the things that are putting pressure on a lot of automakers with the election of Donald Trump as the new commander in chief of America. During his campaign, Trump has made promises such as building walls, terminating deals in trades and imposition of higher tariffs on vehicles that will be imported in American soil. According to Detroit News, these could result to decline in sales on the short-term basis but could also make long-term effects in the global scale of the industry.
Automakers Willing To Work With Trump
Despite possible ramifications when trump assumes the oval office in January 2017, some of the biggest names in the U.S. auto industry are willing to work with the new president. Reuters reported that General Motors already made a statement about it looking forward to working with Trump and the new congress on the policies that support a U.S. manufacturing base that is both strong and competitive. In the same report, Ford spokeswoman Christin Baker also said that the company agrees with the sentiments of Trump about uniting the country and they are looking forward to working together to support economic growth and jobs.
What The Future Holds For US Auto Industry
It is not yet certain what the future holds for the U.S auto industry. Until Trump assumes office and starts implementing his policies, the automakers will just have to do what they can to make the necessary adjustments when the changes come.
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