NEWPORT, R.I. — Volvo Group CEO Martin Lundstedt told President Trump in January that tariffs on aluminum and steel would punish the U.S. manufacturing operations for the company.
Lundstedt provided a glimpse into conversations that occurred after the cameras left the room at the World Economic Forum in Davos, Switzerland in January.
Tariffs were top of mind for Lundstedt, who was among the many industries represented at the forum, he told a group at the Volvo Ocean Race Newport stopover last weekend.
“I think all of us believe in free trade, but also fair trade,” Lundstedt said.
All of the companies’ Mack trucks and Volvo trucks are manufactured in the United States, primarily in Pennsylvania and some in Virginia, he said.
The company is running its largest investment program in company history in the United States, just north of $2 billion, focused on R&D.
“One hundred percent of the trucks in the U.S. are Mack and Volvo,” Lundstedt said. “We are the only one. We have a good trade balance.”
Steel tariffs would “actually be punishing the American manufacturers more” than those building outside of the United States, he said, and could alter the way the company invests.
Here is a C-Span video of the comments that took place in front of the press. Lundstedt’s comments begin around the 5:55 mark.
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Tuesday is the last day to take action on the so-called 301 tariffs that are poised to greatly impact the recreational boating industry, according to the National Marine Manufacturers Association.
NMMA is encouraging all sectors of the industry to take action and share their voice to stop Chinese tariffs from impacting the U.S. marine industry.
A recent determination by the US Trade Representative to impose a 25 percent tariff, under Section 301 of the Trade Act of 1974, targets more than 1,300 Chinese products, including critical marine components and manufacturing equipment.