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Trump Plans to Relieve Auto Tariff Impact, Avoiding Overlap with Steel & Aluminum Tariffs: Wire
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U.S. President Donald Trump intends to mitigate the impact of auto tariffs to avoid overlap with other tariffs, such as those on steel and aluminum, the Wall Street Journal quoted people with the knowledge of the matter. Such adjustments would be retroactive, potentially allowing automakers to receive refunds for tariffs already paid. The U.S. will also relax the 25% tariff on imported auto parts, report told. Automakers can receive tariff relief equivalent to 3.75% of the value of U.S.-made vehicles in the first year, dropping to 2.75% in the second year, before being phased out entirely. These measures are purportedly aimed to give automakers time to relocate parts supply chains back to the U.S. AAStocks Financial News |
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