Hyundai warns tariffs may jeopardise production

Hyundai Motor warned it may rethink how many vehicles it builds in the US, joining the world’s largest automakers in speaking out against US President Donald Trump’s crackdown on steel and aluminum imports. “Changes to the existing tariff structure could negatively impact our current US production and further expansion,” Jim Trainor, a Hyundai spokesman, said. “Imposing tariffs on steel could increase production costs, which could lead to higher prices for US consumers, and, potentially, decreased demand.” Trump said on March 1 the US plans to order tariffs of 25 per cent on imported steel and 10 per cent on aluminum, with a formal order to be signed next week.