Auto Tariffs Threaten to Drive Up Prices

"The President's 'Liberation Day' really shakes the foundation of the current system in the auto industry...if these tariffs stay on for any length of time, they could lead to a fundamental reordering of the U.S. market." The slate of tariffs recently announced by the White House will likely lead to rising costs for cars in the United States, especially for smaller and lower-priced vehicles. Some foreign auto makers are already pausing shipments to the United States, which also curtails choices for consumers. However, in the long term, the tariffs could be good for U.S. manufacturing if executed right. Dr. Monica Gorman, special assistant to President Biden for manufacturing and industrial policy and former deputy assistant secretary of commerce for manufacturing, joins the podcast to discuss the impact of President Trump's tariffs on cars and how uncertainty can lead to market crisis.