Never mind that the U.S. lost 11,000 manufacturing jobs in July.
Here's Trump's Commerce Secretary Howard Lutnick blowing smoke up everyone's rears on this Thursday's Kudlow on Fox Business Network.
LUTNICK: Well, I'm here for car week in Monterey and these 232 tariffs are winning the day. I mean, I've never been more popular than I am at car week because these tariffs are bringing auto manufacturing home and it feels so good and all the auto manufacturers are here.
Right after I'm done with you, I'm spending some time with Jim Farley where we've got a big announcement because Ford is going to rock us with bringing manufacturing back to America.
Yes, Ford did agree to move some of their lines out of China and to the United States by 2030, but that hardly means that this is some new golden age for manufacturing.
Auto manufacturers are warning that Trump's proposed revisions to the North America free-trade deal could cost them billions and hurt their competitiveness with foreign rivals:
U.S. car companies are still struggling to absorb the bevy of tariffs the administration implemented last year, including levies on steel and aluminum, car parts and vehicles shipped in from Mexico and Canada, and say rivals from Japan, South Korea and Europe face lower tariff burdens.
Now, U.S. auto executives worry that U.S. proposals floated ahead of talks scheduled with Mexican trade officials next month could jack up costs even further. One of the most contentious points for automakers is Washington’s demand that vehicles contain at least 50 per cent U.S.-made content to qualify for lower tariffs, as Reuters reported in May.
That requirement, as well as a proposal to increase overall North American vehicle content from the current 75-per-cent level, would add at least US$2-billion in annual costs for each Detroit automaker, according to estimates at two automakers. [...]
The American Automotive Policy Council, which represents Ford, GM and Jeep-maker Stellantis, referred Reuters to a June 30 statement saying that U.S. automakers are at a disadvantage to Japanese, South Korean and European automakers who export into the U.S. and face a flat 15-per-cent tariff.
And, as Steve Rattner posted on Substack:
That won't stop the likes of Lutnick from continuing to gaslight us.
