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Two major automobile trading groups warned the administration of President Donald Trump that the application of 25% duty on imported cars would lead to the loss of hundreds of thousands of jobs in the sector and significantly raise prices. They believe that this step also threatens investments for the development of self-driving cars, Reuters reports. A coalition of major foreign manufacturers, including Toyota Motor, Volkswagen, BMW and Hyundai Motor, indicates that duties will harm both producers and consumers of the United States. The Alliance of Automobile Manufacturers, which includes General Motors, Ford Motor, Daimler, Toyota and others, believes that the application of duties will entail a number of retaliatory measures on the part of other states. As shown by the analysis of sales for 2017, the 25% duty will lead to an increase in the average price by 5 thousand 800 dollars. At the same time, annual costs for Americans will grow by 45 billion dollars.
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
After a record decline seen last quarter, Britain’s economy is expected to grow at its most rapid pace in decades. The recovery is likely as large portions of the economy resumed operations after coronavirus-related lockdowns were lifted. Despite ...
After a steep decline at the start of the year, China’s economy showed vast recovery in the second quarter despite still getting plagued with major economic debacles in weak domestic consumption and investment amid the unrelenting coronavirus ...
On Tuesday, United States Federal Reserve officials warned a "thick fog of uncertainty" on the U.S. economy as it slowly recovers amid the surge in coronavirus cases. The U.S. central bank stated that the pandemic's second wave would cause ...
The French economy is emerging from the inactivity brought by the coronavirus outbreak as fast or faster than what was predicted a month earlier, Bank of France Governor Francois Villeroy de Galhau said on Sunday. Last month, the Bank of France ...
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