(Metal tariffs) US auto dealers: taxpayer will payBusiness | 9 Mar 2018 11:31 am
American Business leaders, too, sounded their alarm about the potential economic fallout, warning that American consumers would be hurt by higher prices. They noted that steel-consuming companies said tariffs imposed in 2002 by President George W. Bush ended up wiping out 200,000 U.S. jobs.
"Tariffs are taxes, and the American taxpayer will pay the cost of a trade war,” said Cody Lusk, president and chief executive of the American International Automobile Dealers Association. "Even with limited exemptions, tariffs will raise the sale prices of new vehicles.”
Stocks ended the day higher after the announcement, with investors relieved by the carved out exceptions for key allies.-AP