NJ Spotlight News
Trump tariffs tank NJ car sales, home prices could go up
Clip: 3/7/2025 | 4m 47sVideo has Closed Captions
Dealers: Tariff on auto parts could push car price up between $3,000 to $12,000
New Jersey car sales have plunged, part of a drop in consumer confidence -- and Wall Street's performance -- reacting to President Donald Trump's roller-coaster tariff policies. So said Laura Perrotta, president of New Jersey Coalition of Automotive Retailers, who contended the tariffs on auto parts could push vehicle prices up between $3,000 to $12,000.
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NJ Spotlight News is a local public television program presented by THIRTEEN PBS
NJ Spotlight News
Trump tariffs tank NJ car sales, home prices could go up
Clip: 3/7/2025 | 4m 47sVideo has Closed Captions
New Jersey car sales have plunged, part of a drop in consumer confidence -- and Wall Street's performance -- reacting to President Donald Trump's roller-coaster tariff policies. So said Laura Perrotta, president of New Jersey Coalition of Automotive Retailers, who contended the tariffs on auto parts could push vehicle prices up between $3,000 to $12,000.
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Learn Moreabout PBS online sponsorshipIn the latest tariff twist from the Trump administration, the white House on Thursday temporarily paused 25% tariffs on many goods from Mexico and Canada for one month.
The significant walk that came just two days after the sweeping fees were put in place, leaving both the markets and businesses with whiplash from his back and forth trade policy.
Business owners tell senior correspondent Brenda Flanagan the chaos is making it tough to operate and consumer confidence, at least for some industries, already appears to be plummeting.
They're watching the headlines and it's it's it's spooking people.
You know.
Absolutely.
Laura Perrotta says Jersey car sales have plunged unexpectedly by a crisis in consumer confidence that mirrors the stock market's reaction to Donald Trump's roller coaster tariff policies.
The Dow rose and fell as the president imposed, dropped or delayed levies on different goods from China, Canada and Mexico.
Obviously, February the fallout has been from the tariffs, in part and the uncertainty in the markets.
You know, no one's shopping and our dealers are really feeling the pain already.
She says tariffs on auto parts could push vehicle prices up between 3 to $12,000.
Tariffs on lumber could hurt to the end user as the consumer, which is the little guy who makes up most of the country that is going to be ultimately paying for this.
Anthony really is an Ocean County builder who predicts tariffs on Canadian lumber and other construction supplies would definitely impact homeowners who could sign up front contracts only to find prices soaring.
It's really going to be dramatic.
I mean, if technically I had to take a 25% hit, I couldn't build a home.
It's, you know, the margins just aren't there.
So then things would get delayed.
Look, our country has been ripped off by everybody.
And that that stops now.
Trump today threatened to hit Canada.
America's top trading partner, with even higher reciprocal tariffs on dairy and lumber.
It's just the latest salvo in this turbulent trade war, prompting targeted nations to launch their own counter sanctions.
Canada has been ripping us off for years on tariffs, for lumber and for dairy products, so that's not going to happen anymore.
We're going to be they'll be met with the exact same tariff unless they drop it on.
What we're going through right now is horribly destructive, even if the tariffs ultimately are not in place.
What President Trump is creating is a highly uncertain environment for firms.
And this is by itself going to, a slowdown on the economy.
Rutgers Tom Prusa considers the chaos more damaging than the tariffs, but Trump supporters think it might be worth it.
Why is it right for other countries to put a tariff on United States outgoing product into their countries?
But we can't do it to them.
Kyle Stafford runs a masonry business in Bayville.
He believes Trump wields tariffs more for diplomatic leverage than economic impact.
And my personal opinion is as far as a businessman, is these tariffs are going to be short lived, right?
I think it's a scare tactic.
I think it's a gotcha hating tool that the current administration is, going to strong arm to get what the country needs.
So at least that's my hopes anyway.
This is also a master plan to negotiate and get what the United States needs.
Who knows?
But we're playing with fire, that's for sure.
After critics blasted Trump's strong arm tactics against Ukraine, the president today pushed peace talks with this new threat banking, sanctions, sanctions and tariffs on Russia until a cease fire and final settlement agreement on peace is reached.
President Trump apparently views this as tariffs are a, a tool that solves any problem that he believes out there can be solved with tariffs.
He's used it to justify what he believes are unfair tariffs and other countries toward.
So that's why I'm gonna use a tariff to sanction that in.
They're really not the, all purpose, policy.
Indeed, the Wall Street Journal's editorial staff today admonished Trump, noting he's treating the North American economy as a personal plaything as markets gyrate with each presidential whim.
Mr. Trump's order needs a legal challenge.
Wall Street speaks with a particularly large voice to this president.
Right.
Is he listening?
The tariff stories change seemingly by the hour.
I'm Brenda Flanagan, NJ Spotlight News.
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