Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
NEW YORK, Dec. 1 (Xinhua) — High auto tariffs, persistent inflation and a struggling labor market have forced more Americans to reconsider their purchases, The Wall Street Journal reported Sunday.
"Buyers are buying smaller and used cars, taking out longer car loans, and waiting for good deals," the article says.
At the same time, the US electric vehicle market has experienced a sharp decline, accelerated by the expiration of the $7,500 federal electric vehicle tax credit in September, leading to the loss of hundreds of thousands of potential sales and further pressure on the industry, the article says.
The US administration imposed a 25 percent tariff on imported cars in April and an additional 25 percent tariff on auto parts in May, leading to higher prices for both imported and domestic cars.
Overall U.S. consumer spending continued to decline from early October to mid-November, the Federal Reserve said in its Beige Book report released Wednesday.
The decline reflects a general wariness among Americans, many of whom are pessimistic about job prospects and worried about inflation, leading to pressure to cut spending, according to the University of Michigan's Consumer Sentiment Index released in November. –0–
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