WASHINGTON: U.S. President Donald Trump's rewrite of North American trade rules will cost automakers nearly US$3 billion more in tariffs over the next decade for cars and parts that will not meet higher regional content requirements over the next decade, the Congressional Budget Office estimates.
In addition, 40per cent to 45per cent of vehicle content must come from high-wage areas paying more than US$16 an hour, namely the United States and Canada. Some vehicles produced in Mexico mainly with components from Mexico and outside the region may not qualify for U.S. tariff-free access. CBO said some agricultural product imports that are now subject to duties would be replaced by duty-free Canadian products as a result of USMCA,
The ITC report estimates that annual U.S. real gross domestic product would increase by 0.35per cent, or US$68.5 billion, on an annual basis compared to a NAFTA baseline, and would add 176,000 U.S. jobs while raising U.S. exports.
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