President Trump is reportedly issuing some tariff exemptions for carmakers
After unprecedented lobbying by trade groups representing the auto industry, President Trump will reportedly exempt auto parts from certain tariffs imposed on goods by the administration.
According to the Financial Times, car parts will no longer be subject to the hefty tariffs on goods from China or the levies on steel and aluminum imports.
The primary tariffs on the auto sector — a 25% charge on vehicles made outside of the US and an additional 25% on imported auto parts set to go into effect May 3 — will remain in place and continue as planned.
Shares of automakers including Ford, GM, and Tesla were largely unchanged after the bell on Wednesday.
The primary tariffs on the auto sector — a 25% charge on vehicles made outside of the US and an additional 25% on imported auto parts set to go into effect May 3 — will remain in place and continue as planned.
Shares of automakers including Ford, GM, and Tesla were largely unchanged after the bell on Wednesday.
