In testimony before the U.S. Department of Commerce, NADA President and CEO Peter Welch on Thursday urged the Trump Administration to find ways to address “genuine trade concerns” without imposing auto tariffs that would only hurt American consumers and small businesses.
NADA President and CEO Peter Welch Warns of ‘Serious Unintended Consequences’ of Tariffs on Imported Autos and Parts
“New tariffs on imported autos and parts, if broadly implemented, would hurt the auto industry, and our customers and our economy as a whole,” Welch said in a video released Monday.
NADA’s comments were filed with the Commerce Department in response to proceedings being conducted under section 232 of the Trade Expansion Act of 1962 intended to determine the effects on the national security of imported automobiles, including cars, SUVs, vans and light trucks, and of imported automotive parts.
President Trump signed into law S.J. Res. 57 – a measure passed by Congress to reject a Washington bureaucracy’s rule which could have eliminated the ability of car dealerships to discount loans for their customers.
Today’s vehicle financing model is extraordinarily efficient and competitive and provides access to affordable credit to consumers in all credit tiers.
Two separate measures are under consideration in Congress to repeal the Consumer Financial Protection Bureau’s (CFPB) deeply flawed and anti-consumer auto financing guidance from 2013 that pressures indirect auto lenders to eliminate the ability of local dealerships to offer discounted auto loans to their customers.
“NADA has long supported a data-driven and informed process for determining future greenhouse gas and fuel economy standards, and we applaud EPA for putting us back on this path.”
“This decision upholds more than 40 years of consistent interpretation by the courts and the executive branch, and will allow the auto retail industry to continue structuring employment relationships that are efficient and beneficial to dealerships, their employees, and their customers.”
“This sentiment cuts across all demographics and is a durable, fundamental desire of most consumers, even millennials. Ride-hailing will continue to supplement personal vehicle ownership going forward, but it will not supplant it.”
The NADA Foundation’s Board of Trustees has approved plans and funding for a largescale workforce initiative to promote the value of dealership jobs, especially service technicians, in the automotive retail industry.