Trump considers suspending auto tariffs - Seeks to give manufacturers time to reorganize supplies
United States President Donald Trump said he may temporarily exempt the auto industry from tariffs he had previously imposed on the sector, to give carmakers time to adjust their supply chains.
"I'm looking at something to help some of the car companies with this," Trump told reporters gathered in the Oval Office. The Republican president said automakers needed time to shift production from Canada, Mexico and other countries. "And they need some time because they're going to make them here," he added.
The American Automotive Policy Council, an association representing Ford, General Motors and Stellantis, announced that it shared Trump's goals for increasing domestic production.
"There is a growing awareness that broad tariffs on parts could undermine our shared goal of building a thriving and growing American auto industry. Also, many of these supply chain transitions will take time," said official Council sources.
Trump's statement paved the way for another round of suspensions, as Trump's attack on import tariffs has rattled financial markets and raised deep concerns among Wall Street economists about a possible recession.
When Trump announced the 25% tariffs on vehicles on March 27, he described them as “permanent.” His hardline stance on trade has become increasingly ambiguous as the Republican leader has sought to limit the potential economic and political fallout from his policies.
Last week, after a sell-off in the bond market drove up interest rates on US debt, Trump announced that for 90 days his broader tariffs against dozens of countries would be set at a base level of 10% to give time for negotiations.
At the same time, Trump raised import tariffs on China to 145%, but temporarily lowered the tariff on electronics to 20%. "I'm not changing my mind, but I'm flexible," Trump said.
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