AURORA, ON—Magna International Inc.—North America’s largest auto parts maker—said a border adjustment tax being studied by President Trump would probably hurt the automobile industry, while also increasing the odds that future factories will be located in the U.S.
On the campaign trail, President Donald Trump promised to bolster U.S. manufacturing; slash the corporate tax rate; build a wall on our southern border to keep out illegal immigrants; and invest more than $1 trillion to upgrade the nation’s aging infrastructure.
WASHINGTON, DC——A Border Adjustment Tax sounds innocuous, but executives of major retailers warn that a 20 percent import tax would punish American consumers by raising the prices of electronics and other goods manufactured abroad.