US president will curb some duties on foreign parts in domestically manufactured cars, administration says
Business live – latest updates
Donald Trump unveiled plans to water down his sweeping tariffs for US carmakers on Tuesday by curbing some duties on foreign cars and parts, granting a reprieve to an industry that warned his strategy would hike costs for American manufacturers by tens of billions of dollars.
Carmakers subject to a 25% tariff on imports will not be subject to other levies Trump has imposed, for example, on steel and aluminum. US automakers will also be allowed to apply for tariff relief on a proportion of the costs imposed for imported parts, although that relief will be phased out over the next two years.
Continue reading…
Source link : https://www.theguardian.com/us-news/2025/apr/29/trump-tariff-us-carmakers
Author : Callum Jones
Publish date : 2025-04-29 20:50:00
Copyright for syndicated content belongs to the linked Source.