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(单词翻译:双击或拖选)
By this time, the long-running auto1 boom was supposed to be coming to an end.
Quick, someone tell that to the truck and SUV buyers who powered the annual selling rate last month to 17.5 million vehicles. That's according to a Morgan Stanley estimate. If that's evidence of a slowdown, Detroit and its foreign-owned rivals would like more of the same, please.
With apologies to the ol' Clinton war room, "It's the economy, stupid." Low unemployment and a buoyant job market, still-cheap credit and a vehicle fleet averaging 11 years old, keep extending the streak2. It's the longest-running one since Detroit's Golden Age in the 1960s. Tax cuts helped, too.
But complications loom3. President Donald Trump4's proposed policy shifts on trade and emissions5 rules imperil the industry's momentum6. They could end the industry's job creation and spoil the alleged7 love affair between the president and the industrial heartland that got him elected.
Turmoil8 like this begets9 uncertainty10 – exactly what business doesn't want. Business craves11 certainty because it makes long-term investment decisions. But the administration's policy gyrations on steel tariffs13, on levies14 for imported vehicles and parts, deliver nothing but uncertainty.
That's not good – no matter who is president. Business leaders, financial markets and foreign governments hate unpredictable decision-making. But that's precisely15 the style Trump has brought to the Oval Office – and delivered with mixed results.
It's also the reality the world's automakers must manage.
However…
Trump's trade worldview highlights a point too often dismissed by traditionalists who back the post-World War II consensus16 on global trade. And it's this: Times have changed. The U.S.-backed Marshall Plan that helped former enemies like Germany and Japan rebuild their economies is long gone – even if some of the assumptions behind it remain.
Germany is the undisputed economic powerhouse of the European Union. Japan's automakers a generation ago throttled17 their Detroit rivals, and foreign brands now claim 55% of the rich U.S. market. China's economy is second only to the United States.
In the Trumpian worldview, it doesn't matter that European car buyers simply are not clamoring to buy more American-made vehicles. What matters is that German, Swedish and British models bound for the U.S. are assessed a 2.5% tariff12 … and American metal gets hit four times higher at 10%.
Doesn't matter that a company like General Motors built four million cars last year in China. What matters is that Chinese-built vehicles sent to the U.S. carry a 2.5% tariff … and American-built vehicles bound for China pay a 15% levy18 … reduced in May from 25%.
Look, with government-mandated plans to dominate a dozen global industries by 2025, can China credibly19 be considered a "developing" economy? The sensible answer is, of course, no.
That's why Trump's tariffs enjoy more than token support – at least until their unintended consequences bite more deeply into autos and agriculture, Harley-Davidson motorcycles and Kentucky bourbon distillers.
We don't yet know whether Trump's trade tactics and emissions roll-backs will, quote, "help" the auto industry. But automakers are learning their road to prosperity is littered with bumps and uncertainty. It's the new normal.
Daniel Howes is a columnist20 at The Detroit News. Views expressed in his essays are his own and do not necessarily reflect those of Michigan Radio, its management or the station licensee, The University of Michigan.
1 auto | |
n.(=automobile)(口语)汽车 | |
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2 streak | |
n.条理,斑纹,倾向,少许,痕迹;v.加条纹,变成条纹,奔驰,快速移动 | |
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3 loom | |
n.织布机,织机;v.隐现,(危险、忧虑等)迫近 | |
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4 trump | |
n.王牌,法宝;v.打出王牌,吹喇叭 | |
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5 emissions | |
排放物( emission的名词复数 ); 散发物(尤指气体) | |
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6 momentum | |
n.动力,冲力,势头;动量 | |
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7 alleged | |
a.被指控的,嫌疑的 | |
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8 turmoil | |
n.骚乱,混乱,动乱 | |
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9 begets | |
v.为…之生父( beget的第三人称单数 );产生,引起 | |
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10 uncertainty | |
n.易变,靠不住,不确知,不确定的事物 | |
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11 craves | |
渴望,热望( crave的第三人称单数 ); 恳求,请求 | |
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12 tariff | |
n.关税,税率;(旅馆、饭店等)价目表,收费表 | |
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13 tariffs | |
关税制度; 关税( tariff的名词复数 ); 关税表; (旅馆或饭店等的)收费表; 量刑标准 | |
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14 levies | |
(部队)征兵( levy的名词复数 ); 募捐; 被征募的军队 | |
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15 precisely | |
adv.恰好,正好,精确地,细致地 | |
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16 consensus | |
n.(意见等的)一致,一致同意,共识 | |
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17 throttled | |
v.扼杀( throttle的过去式和过去分词 );勒死;使窒息;压制 | |
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18 levy | |
n.征收税或其他款项,征收额 | |
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19 credibly | |
ad.可信地;可靠地 | |
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20 columnist | |
n.专栏作家 | |
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