President Trump acknowledges tariffs could cause higher prices, shortages
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[{'start': '0.000', 'end': '3.679', 'text': 'This week, President Trump shifting his'}, {'start': '1.920', 'end': '5.839', 'text': 'auto tariff policy into a different'}, {'start': '3.679', 'end': '8.320', 'text': 'gear, telling supporters in Michigan the'}, {'start': '5.839', 'end': '9.920', 'text': 'change will give US car companies a'}, {'start': '8.320', 'end': '11.759', 'text': "little bit of a break. Yeah. So, it's"}, {'start': '9.920', 'end': '13.280', 'text': 'like many other tariff rules at this'}, {'start': '11.759', 'end': '14.799', 'text': 'point. They they shift here, they shift'}, {'start': '13.280', 'end': '16.160', 'text': "there, Mark. So, here's the deal. I"}, {'start': '14.799', 'end': '17.680', 'text': "mean, if you're in the market to buy a"}, {'start': '16.160', 'end': '19.359', 'text': "car, what do we need to know here? It's"}, {'start': '17.680', 'end': '21.520', 'text': 'a moving target, Troy. For the first'}, {'start': '19.359', 'end': '23.840', 'text': 'time, the president did acknowledge that'}, {'start': '21.520', 'end': '26.480', 'text': 'his tripledigit tariffs on China could'}, {'start': '23.840', 'end': '29.039', 'text': 'cause higher prices and shortages of'}, {'start': '26.480', 'end': '31.119', 'text': 'some consumer goods. The admission comes'}, {'start': '29.039', 'end': '33.360', 'text': 'as alarm bells sound all over the'}, {'start': '31.119', 'end': '36.239', 'text': 'country about the economy, which shrank'}, {'start': '33.360', 'end': '38.239', 'text': 'in the first three months of the year.'}, {'start': '36.239', 'end': '41.280', 'text': 'Just signed an executive order to give'}, {'start': '38.239', 'end': '43.200', 'text': 'partial tariff rebates to any company'}, {'start': '41.280', 'end': '45.600', 'text': 'that assembles its cars right here in'}, {'start': '43.200', 'end': '48.399', 'text': 'the US. President Trump this week easing'}, {'start': '45.600', 'end': '51.120', 'text': 'off the auto tariff accelerator.'}, {'start': '48.399', 'end': '53.840', 'text': 'In March, he announced a 25% tariff on'}, {'start': '51.120', 'end': '56.399', 'text': "imported cars and parts that's set to go"}, {'start': '53.840', 'end': '58.559', 'text': 'into effect this weekend. But now, US'}, {'start': '56.399', 'end': '60.840', 'text': 'manufacturers could be reimbursed on'}, {'start': '58.559', 'end': '63.840', 'text': 'imported parts up to'}, {'start': '60.840', 'end': '66.080', 'text': '3.75% of the value of a domestically'}, {'start': '63.840', 'end': '68.880', 'text': 'produced car. After a year, that would'}, {'start': '66.080', 'end': '71.200', 'text': "drop to 2 1.5%. It's barely any relief"}, {'start': '68.880', 'end': '73.200', 'text': 'at all, and it only lasts for 2 years,'}, {'start': '71.200', 'end': '76.000', 'text': 'and it only applies to automakers that'}, {'start': '73.200', 'end': '78.000', 'text': 'assemble cars in the United States. For'}, {'start': '76.000', 'end': '80.799', 'text': 'those that do not assemble vehicles in'}, {'start': '78.000', 'end': '83.520', 'text': 'the US, this is going to be a disaster.'}, {'start': '80.799', 'end': '86.000', 'text': 'Auto Lines John Mroy says auto companies'}, {'start': '83.520', 'end': '88.479', 'text': 'are bulking up their inventory to try to'}, {'start': '86.000', 'end': '91.119', 'text': 'save off any immediate tariff impact,'}, {'start': '88.479', 'end': '92.560', 'text': 'but those will be depleted by July. And'}, {'start': '91.119', 'end': '96.479', 'text': "that's when I predict you're going to"}, {'start': '92.560', 'end': '99.360', 'text': 'see new car sales in the US nose time.'}, {'start': '96.479', 'end': '101.119', 'text': 'The CEOs of Ford and GM bracing for the'}, {'start': '99.360', 'end': '103.759', 'text': 'changes. You know, the stuff we built'}, {'start': '101.119', 'end': '106.079', 'text': 'now is priced. If we announce a price'}, {'start': '103.759', 'end': '107.840', 'text': "increase now, it'll go into play in July"}, {'start': '106.079', 'end': '109.280', 'text': 'and August. What we provided in our'}, {'start': '107.840', 'end': '111.280', 'text': 'guidance is that pricing is going to'}, {'start': '109.280', 'end': '114.320', 'text': 'stay about at the same levels that it'}, {'start': '111.280', 'end': '117.040', 'text': 'is. But experts like Mroy estimate costs'}, {'start': '114.320', 'end': '119.119', 'text': 'for a car could jump by thousands'}, {'start': '117.040', 'end': '121.200', 'text': 'depending on the model. That will cause'}, {'start': '119.119', 'end': '123.520', 'text': 'car sales to go down and in some cases'}, {'start': '121.200', 'end': '125.759', 'text': "it's going to lead to layoffs. If I had"}, {'start': '123.520', 'end': '128.560', 'text': 'to buy another car right now, whether'}, {'start': '125.759', 'end': '130.640', 'text': "it's new or used, I would rush out and"}, {'start': '128.560', 'end': '132.879', 'text': 'try to buy it.'}, {'start': '130.640', 'end': '135.280', 'text': 'And shipments from China to the US will'}, {'start': '132.879', 'end': '137.280', 'text': 'plummet next week as the impact of the'}, {'start': '135.280', 'end': '139.520', 'text': 'tariffs leads companies to cut their'}, {'start': '137.280', 'end': '141.840', 'text': 'import orders. Economists expect'}, {'start': '139.520', 'end': '144.000', 'text': 'incoming cargo volume to slide by more'}, {'start': '141.840', 'end': '146.239', 'text': 'than a third compared to last year at'}, {'start': '144.000', 'end': '147.440', 'text': 'this time. Troy. All right, Mark. Thank'}, {'start': '146.239', 'end': '149.520', 'text': 'you. And if you want more political'}, {'start': '147.440', 'end': '149.520', 'text': 'news,'}]