Auto Dealers Applaud Renewed Commitment to Trade between South Korea and the U.S.

Alexandria, VA (September 24, 2018) – The American International Automobile Dealers Association (AIADA) today greeted with relief news that U.S. President Donald Trump and South Korean President Moon Jae-in have signed the revised Korean-U.S. (KORUS) free trade agreement today while both attended the United Nations General Assembly meeting.

Tariffs Could Mean a 2M Drop in Car Sales and Cost 715K Jobs

The impact of an escalating tit-for-tat over tariffs is already being felt, say auto industry experts. According to NBC News, new car prices are beginning to rise, and auto exports are dropping. But a new report warns that sales could plunge by as much as 2 million vehicles a year, resulting in the loss of up to 715,000 American jobs and a hit of as much as $62 billion to the U.S. GDP.

Vehicle Loss From Florence Expected to be a Fraction of Harvey's Impact

Automotive News reports that while Florence certainly has wreaked havoc on auto sales in the Carolinas – first as a Category 1 hurricane, then as lingering rain and floods – the scale of its damage is expected to be a fraction of what Hurricane Harvey brought to the Houston area last year, according to industry analysts.