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Trade War With China Could Cost Auto Industry Billions

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Trade War With China Could Cost Auto Industry Billions
Auto industry watchers fear the increasing tariffs, coupled with the president's stance on NAFTA, could be catastrophic for American manufacturers.
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As President Donald Trump continues to escalate the trade war with China, researchers fear the U.S. auto industry could be hit hard.

The tariffs the two countries have implemented so far have already pushed up the manufacturing costs on a range of cars, at a time when auto sales are flagging.

The White House's newest tariffs will reportedly make more than 100 additional car parts more expensive, and the president has threatened to raise the rates on those tariffs. 

President Trump announced the new tariffs on Monday. They will affect some $200 billion-worth of Chinese imports, and the president said he would tack on even more if China retaliates.

China announced the following day it was instituting more tariffs of its own on $60 billion of American goods. 

This video includes additional material from Newsy affiliate CNN