Trump gives a "hand" to car manufacturers - Plans to ease the impact of tariffs on domestic industry
US President Donald Trump has decided to take action to ease the impact of his tariffs on American car manufacturers, a senior White House official says.
"This agreement is a major victory for the President's trade policy, rewarding domestic companies," Commerce Secretary Howard Lutnick said in a statement.
The president will reduce some import duties on exterior parts used in vehicles made in the U.S. While cars made abroad are still subject to auto tariffs, they will be exempt from other taxes, the Wall Street Journal previously reported.
Trump will hold a rally in Michigan to mark his first 100 days in office. The state is home to so-called automakers Ford, General Motors (GM) and Stellantis, as well as a network of more than 1,000 key suppliers to the industry.
Trump has placed tariffs at the center of his economic plans, describing them as “the most beautiful word in the dictionary.” But they have caused turmoil in global financial markets, great uncertainty for businesses and raised fears of an economic slowdown.
The decision to ease the impact on the auto industry has been seen as his administration's latest attempt to show flexibility in policy.
Last week, a coalition of U.S. auto industry groups urged the president not to impose 25% tariffs on imported car parts.
A letter to his administration from groups representing several companies, including GM, Toyota and Volkswagen, said the taxes "will lead to higher vehicle prices for consumers, lower sales, and higher service and repair costs." Trump has previously said the tariffs would take effect on May 3.
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