Jonathan Ward, founder and CEO of Icon, discusses how the auto industry is being affected by Trump’s tariffs. He says many of their suppliers are using products imported from Asia.

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

President Trump's tariffs are having a significant impact on the US auto industry, according to industry representatives. Although many companies believed their supply chains were primarily domestic, they have discovered that key components are often sourced from Asia, making them subject to new tariffs. This has led to increased costs, particularly for products like batteries, which currently lack American manufacturers.

Industry leaders express concern about the effect of rising prices on consumer demand, especially for non-essential vehicles. However, some also view the current environment as an opportunity to expand product lines and grow their businesses, drawing on past experiences of success during challenging market conditions.

How Trump’s tariffs are impacting the auto industry

And as President Trump's tariffs take effect, various industries share, in their own words, the impact on their operations and their bottom lines. As we head out to break, we take a look at the auto industry and how it's being affected by tariff policy. Since inception, I really wanted to focus on American manufacturers. So about 95% of our supplier pool is domestic, or so we thought. We're discovering that's not exactly true, meaning many of our suppliers, the key components or elements of their products that we need are imported mostly from Asia. We just launched our new electric vehicle initiative with the new all-wheel drive Icon Bronco. As of today, there is no American battery manufacturer. So that makes it a bit more painful and personal when you're getting hit with a pretty heavy tariff on a product for which there is no solution domestically. I honestly cannot think of a single segment where this will not have an impact. All the way through to textiles and leathers. There comes a point where we must be concerned about the elasticity of pricing. How much the client is willing to tolerate to spend to buy something distinct, but arguably that they don't need. That's probably the largest concern I have specific to our market space. I see this oddly as an opportunity to expand our product line, grow our company. So we're currently staffing up and making new production plans because historically in these times of struggle or in down markets such as the early aughts, that's when we've made the best traction to secure our preeminence in this sector.

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How Trump’s tariffs are impacting the auto industry

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