US President Donald Trump has alluded to a possible reprieve from vehicle tariffs to allow automakers “a little bit of time” to move their manufacturing back to the United States. In a further reversal from the broad trade tariffs announced earlier this month, his remarks came after the decision to temporarily exclude electronic items from taxes.
At the Oval Office on Monday, he stated, “I’m looking for something to help some of the car companies; they’re switching to parts that were made in Canada, Mexico, and other places, and they need a little bit of time because they’re going to make them here.
On April 3, the Trump administration levied 25% taxes on imported cars. Major automakers, such as Ford Motor, General Motors, and Chrysler parent Stellantis NV, were reportedly pressing for exemptions on specific low-cost vehicle components, which might be subject to extra levies on top of the full 25% auto tariffs if obtained from outside the US, according to a previous Bloomberg story.
In the meantime, the US Department of Commerce issued a notice announcing that it had begun investigating the pharmaceutical and semiconductor industries. Section 232 of the National Security Investigation framework governs both investigations, raising concerns about Trump’s tariff agenda and suggesting the possibility of further taxes on the two industries.
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