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Auto Industry Is ‘Freaking Out’ Over the Prospect of Tariffs on Cars

Bloomberg business news
Mike Jackson, chairman at AutoNation, says a trade deal without Canada is "unthinkable."Source: Bloomberg)

The auto industry fears that President Donald Trump’s threats to place tariffs on vehicles coming into the U.S. could drive the economy into a recession, the head of the largest auto retailer in America said today.

“Everyone in the automobile industry -- doesn’t matter if you’re a retailer, a supplier or a manufacturer -- is freaking out around tariffs on automobiles,” Mike Jackson, chairman and chief executive officer of AutoNation Inc., said Wednesday on Bloomberg Television. “The price point is so big, we all know it would be extremely disruptive, extremely expensive to the industry and most likely knock the economy into some sort of recession because it’s so inflationary.”