Carmakers expedite vehicle shipping to US ahead of April tariffs: FT
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The news: International carmakers are rushing to ship vehicles and core components to the US before the Trump administration’s tariffs come into effect in April, according to the Financial Times.
The numbers: February saw a 22% year-on-year rise in vehicle shipments from the EU to the US, while the number of shipments from Japan to the US rose 14%. Shipments from South Korea to North America climbed 15%.
The context: Lasse Kristofferson, CEO of shipping line Wallenius Willhelmsen told the FT that there was “more volume out of Asia than we’re able to take from our customers”. The company has increased capacity to address the demand, Kristoffersen said, and that the increase would be larger were it not for the industry’s shortage of car-carrier vessels.
The tariffs due to come into effect on 2 April are expected to disturb automotive supply chains, and will coincide with Trump’s plans to impose 25% tariffs on imports from Mexico and Canada. Honda is working to speed up shipments from the two countries, while Stellantis is moving stock across the US border to produce more vehicles in the lead up to the April deadline.
The FT reports that while Hyundai, Kia and a German carmaker are among car brands trying to ship additional vehicles to the US ahead of the tariffs, some companies (including Toyota) have not yet increased their import numbers to the US.
The source: Financial Times
