General Discussion

"Mr. Trump also ignores that U.S. car makers are also likely to raise their prices," the editors contended. "If Hyundai raises the price of an export model made in South Korea, then Ford and GM may at first try to capture market share. But over time the U.S firms would be foolish not to raise their prices to increase profits, perhaps by some margin less than the increase on imported cars. That’s what happened after Mr. Trump raised tariffs on washing machines in his first term. Washer prices rose nearly 12%, according to a 2019 study, and it didn’t matter where the machine was made."