Skip to playerSkip to main contentSkip to footer
  • 2 days ago

Category

🗞
News
Transcript
00:00Car company Steliantis claimed that President Trump says tariffs have cost them around $350 million.
00:07The automobile maker is responsible for brands like Foxall, Jeep and Fiat.
00:11They've been hit by a 25% tariff on imports to the US.
00:15Their total shipments to North America are also down by 25% in the last three months
00:20and sales have fallen by 10%.
00:22Freddie, first to you on this.
00:25Was this inevitable?
00:26Steliantis is based in the Netherlands.
00:28Do you think you're going to see them make a move to the US as a result of this?
00:31Well, yes, I think it's very possible that they will up their operations.
00:35I believe they already have a presence in the US.
00:36They own Ram trucks.
00:38I think they make them there.
00:40But you will certainly see Steliantis and probably other companies too in the next few months
00:47considering a big shift of manufacturing operations into the US
00:53just because Donald Trump isn't budging on the car tariffs.
00:56He may be budging on other tariffs.
00:58He may be softening some.
01:00He may be pausing many.
01:02But on car tariffs, he seems very resolute.
01:05And that's why you see the price of Ford, an American car manufacturer, going up this year.
01:10And you see other companies struggling.
01:13Jaguar Land Rover announced quite a few job losses last week.
01:17And there's no way that these car companies cannot suffer.
01:23These international car companies cannot suffer as a result of Donald Trump's tariffs.
01:28And I think Steliantis are particularly vulnerable because they are based in the Netherlands,
01:32but they are very much an international global car company.
01:35And so these tariffs are almost designed to hurt them for the benefit of American-made,
01:43America-first manufacturing.
01:45All right.

Recommended