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(Bloomberg) — Mitsubishi Motors Corp. is raising US prices for some vehicle models as the industry grapples with the fallout of President Donald Trump’s tariffs on imported cars and parts.
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The US prices of three models — the gasoline versions of the Outlander, Outlander Sport and Eclipse Cross — will be raised an average of 2.1%, effective Wednesday, the company said in a statement. The increase is part of a regular adjustment that includes measures to counter inflation, it said.
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The new prices will affect vehicles delivered after Wednesday and won’t be applied to cars currently on display in showrooms. The changes were first reported by Reuters.
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Japan’s biggest carmakers, which rely heavily on imported cars to supply the US market, are bracing for a $19 billion hit from Trump’s tariffs that threatens to ripple through the national economy.
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Toyota Motor Corp. could be worst hit, with the world’s biggest carmaker warning of a ¥180 billion ($1.2 billion) impact to operating income in April and May alone. Nissan Motor Co., Honda Motor Co. and Subaru Corp., which imports roughly half of the cars it sells in the US, also said they’re facing an impact in the billions of dollars.
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The auto industry is a bellwether for wage trends, generates around 10% of gross domestic product and accounts for a third of Japan’s exports to the US. That significance has piled pressure on Prime Minister Shigeru Ishiba to strike a deal with Trump to lower a 25% levy on imported cars and auto parts.
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The industry is unlikely to see any immediate reprieve though, with Ishiba set to leave the Group of Seven gathering in Canada without a trade deal or a clear path toward achieving one. As well as the levy on the auto sector, Japan has been hit with a 50% tariff on steel and aluminum. A 10% across-the-board levy on other goods is set to rise to 24% in early July.
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Some carmakers have already started to adjust. Honda has postponed its $11 billion EV supply chain expansion in Canada and is moving production of the hybrid Civic model from Japan to the US. Subaru is reviewing all of its investments. Nissan has halted US orders for SUVs built in Mexico, and Mazda is stopping exports to Canada of a model manufactured at its Alabama joint venture with Toyota.
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