FBN host Maria Bartiromo was none too happy after one of their reporters did a segment on how Trump's tariffs are pretty well going to destroy the automotive industry.
As we discussed here, the Trump administration may already be backtracking after receiving pressure from the business community, but here was how Bartiromo reacted after one of her Fox cohorts did a story on a local Pennsylvania Dodge dealer and the impact the Trump tariffs were going to have on his business.
As the dealer discussed, the Trump tariffs are going to potentially raise the price of some of his new trucks by as much as $20,000, and, as the FBN reporter noted, the American Automakers Policy Council told Fox that "American automakers invested billions in the US to meet the requirements of the current free trade agreement," and shouldn't have that "undermined by tariffs that will raise the cost of building vehicles in the US and stymie investment in the American workforce while competitors from the outside of North America benefit."
Sadly for Bartiromo, the input from one of her show's panel members who responded to her outrage wasn't much better when it comes to making it very clear just how damaging Trump's tariffs were going to be to the industry.
BARTIROMO: But you know what, let me, let me ask you this, okay? How many Dodge Rams do you see driving around Europe? Okay? How many Dodge Rams do you see driving around India?
I mean, not many, I bet. Why? Because they don't buy our cars. And that's what President Trump is trying to change.
Maybe Dodge should start building them here and selling them here.
MCMAHON: I think there's a lot of merit to that. I think we're going to see more of that and more foreign guys are going to come to the states.
The Honda Civic, is that what they're going to start building here, which is wonderful, but there's a couple of big issues, right?
Cars are being repossessed. I think it's up 15% year over year, which is a big number. You know, interest rates are still too high for cars.
Sales were down about 7.5% in January over the same time last year. So this stuff all cooks together.
And then of course with these tariffs come into play, I think it's $180 billion of imports are coming, the $180 billion the first three companies, as we all know, Mexico is number one, Canada's number 2, China's number 3.
And this transition is going to be painful, and I think Maria we've got to get a little help from the Fed to reduce interest rates.
I know it's all kinds of problems, but unless car dealers get some relief, those $100,000 trucks are going to be sitting there longer, and that doesn't benefit any of us.
BARTIROMO: No, and we're already seeing an impact. The economy is expected to contract in the first quarter. We're on it. We're going to keep following this.
I'm waiting for them to try to figure out a way to blame it all on Biden. We'll see how that works out for them.
