Automotive MMI: Sales Bounce Back in May

The Automotive Monthly Metals Index (MMI) picked up two points this month, rising for a reading of 104.
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U.S. Auto Sales

Sales in the U.S. bounced back in May after a slower April.
According to the New York Times, May auto sales jumped 2%, driven in part by a boost in Memorial Day weekend sales.
Fiat Chrysler’s sales rose 11% on the month, while Ford’s rose 0.7%, according to the report. According to a Ford release, F-Series sales in May were up 11.3%, boasting its best May since 2000.
While General Motors no longer reports sales on a monthly basis (instead now opting to report quarterly), industry experts estimate a 10% increase in sales for GM in May, according to the NYT report.

Auto Tariffs Talk

Last month during a brief window in which it seemed the U.S. and China had reached somewhat of a truce in trade talks, it was announced that China will reduce its automotive import tariff from 25% to 15%, Bloomberg reported.
In the same policy sphere, the U.S. announced it launched an investigation of auto imports, again using Section 232 of the Trade Expansion Act of 1962.
“There is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry,” Secretary of Commerce Wilbur Ross said in a release. “The Department of Commerce will conduct a thorough, fair, and transparent investigation into whether such imports are weakening our internal economy and may impair the national security.”