At the Masonic Temple in Detroit this week, U.S. Senator Gary Peters spoke to the Detroit Economic Club about national security and innovation.
According to Peters, it’s very important the domestic auto industry is vibrant and growing. That’s why he cautioning about the effects of President Trump’s tariffs.
“You’ve raised the price of new cars, then what happens? That means used cars also get expensive,” Peters said. “It doesn’t just affect new cars. If you have repairs for that car, it gets more expensive because all the parts, everything is more expensive. And if repairs are more expensive, then auto insurance goes up for everybody who buys auto insurance. And we’ve seen big increases in auto insurance in recent years as well.”
Peters says there’s still a lot of uncertainty concerning tariffs. He also described all the chaos it’s causing for business owners.
