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Trump considering significant tariff relief for US vehicle production, senator says
President Trump may extend tariff offsets to five years and include U.S. engine production to boost domestic auto assembly, potentially reducing up to $5 billion in costs, officials said.
- On Friday, President Donald Trump is considering significant tariff relief for U.S. auto production that targets vehicles assembled in the United States, Republican U.S. Sen. Bernie Moreno and auto officials told Reuters.
- May's tariff action imposed 25% tariffs on more than $460 billion of imports, forcing General Motors Co. and Ford Motor Co. to slash profit and production forecasts this year.
- The Commerce Department said in June that it planned a 3.75% import adjustment offset through April 2026 and a 2.5% second-year offset for eligible U.S.-assembled vehicles.
- Automakers' shares rose after the Reuters report, and Republican U.S. Sen. Bernie Moreno said the plan would incentivize U.S. assembly, telling Reuters `The signal to the car companies around the world is look, you have final assembly in the U.S.: we're going to reward you`.
- Without relief, Warren Browne warned companies could cut executive bonuses, employee profit sharing and manufacturing employment, while Mexico's import tax cost in July exceeded that of other major U.S. partners and only China has faced a higher tariff burden since April.
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15 Articles
Trump considering significant tariff relief for US vehicle production, senator says
U.S. President Donald Trump is considering significant tariff relief for U.S. auto production that could effectively eliminate much of the costs major car companies are paying, Republican Senator Bernie Moreno and auto officials told Reuters on Friday.
·United Kingdom
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Coverage Details
Total News Sources15
Leaning Left2Leaning Right2Center8Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 16%
Factuality
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