U.S. President Donald Trump¡¯s planned tariffs on auto imports will hurt carmakers around the world and push up prices for U.S. consumers. Among the many losers, one winner stands out: billionaire Elon Musk¡¯s Tesla.
The electric vehicle maker has large factories in California and Texas that churn out all the cars it sells in the U.S., insulating it to a greater degree from Trump¡¯s new levies on auto imports and key components. Major rivals from South Korea¡¯s Hyundai Motor to Germany¡¯s Volkswagen and America¡¯s own General Motors, meanwhile, will soon face sharply higher costs.
¡°There are very few winners,¡± Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, said in a telephone interview. ¡°Consumers will be losers because they will have reduced choice and higher prices.¡±
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