A naukri.com initiative
Autoblog
2w
25
Image Credit: Autoblog
The President’s New Tariffs Are Giving JDM Fans a New Heart Attack
- President Trump's new tariffs of 25% on imported cars and automobile parts are causing concern among JDM fans, impacting their ability to pursue their dream cars.
- While classic enthusiast cars over 25 years old are exempt from the 25% tariff, a subsequent 24% tariff on products from Japan under the International Emergency Economic Powers Act will affect Japanese-market classics being imported to the U.S.
- The Import Vehicle Safety Compliance Act allows the importation of vehicles 25 years old or older into the U.S., creating a market for enthusiasts to obtain Japanese dream cars.
- President Trump's additional reciprocal tariffs will impact the importation of JDM classics and increase costs for vehicle importers, potentially hurting their businesses.
- The timing of a vehicle's journey will dictate the tariff rates under Trump's measures, with vehicles loaded onto boats before certain deadlines subject to lower tariffs than those loaded after.
- Importers, like Toprank International Vehicle Importers, are critical of the national security threat justification for the tariffs, stating that it overlooks the cultural significance and interests of enthusiasts in importing these vehicles.
- The new tariffs may hinder the enjoyment of automotive heritage for consumers and small businesses, and fail to address genuine national security concerns according to importers like Toprank International Vehicle Importers.
Read Full Article
1 Like
For uninterrupted reading, download the app