Trump to make exemption for auto tariffs
U.S. President Donald Trump has plans to spare carmakers from some tariffs, the Financial Times reported on Wednesday.
It noted that as part of a tariff “destacking” plan, car parts would be relieved of some of the duties imposed by Mr Trump.
The exemptions, FT said, would, however, leave in place a 25 per cent tariff imposed by Mr Trump on all imports of foreign-made cars.
It said a separate 25 per cent levy on parts would remain but would be put into effect by May 3.
“Although Washington had already shielded autos from the ‘reciprocal’ tariffs announced on major trading partners, U.S. auto companies have in recent weeks pushed for further exemptions.
“The concessions will mark an initial win for the auto sector and another retreat by Trump on his most aggressive tariffs amid concerns that they will push up U.S. car prices. It will also disrupt supply chains and cause job losses,” FT said.
Car executives have stepped up their criticism of the auto tariffs, with Stellantis chairman John Elkann warning that “American and European car industries are being put at risk.”
(Xinhua/NAN)
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