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Trump to sign executive order to ease tariff burden for automakers — White House
@Source: tass.com
WASHINGTON, April 29. /TASS/. US President Donald Trump will sign an executive order on auto tariffs that will ease their effect for carmakers, White House Press Secretary Karoline Leavitt said at a regular briefing for journalists.
"The President will sign the executive order on auto tariffs later today and we will release it," she said without specifying any details.
Earlier the Wall Street reported referring to sources familiar with the matter that Trump was expected to soften the impact of his automotive tariffs, preventing duties on foreign-made cars from stacking on top of other tariffs he had imposed and easing some levies on foreign parts used to manufacture cars in the U.S. These measures are expected to give automakers time to relocate supply chains and will significantly support companies in the short term.
According to the New York Times citing a White House spokesman, that 25% tariffs on imported vehicles and on auto parts will remain in place but they will be modified so that they are not "stacked" with other tariffs, for example on steel and aluminum. Automakers will not have to pay tariffs on those metals, widely used in automobiles, on top of the tariffs on cars and parts. In addition, automakers will be reimbursed for some of the cost of tariffs on imported components, the newspaper said.
On April 2, US President Donald Trump announced the introduction of tariffs on products from 185 countries and territories. Russia is not present on the list. Baseline tariffs of 10% came into force on April 5, while individualized ones became effective on April 9. On April 9, Trump announced suspension of additional import tariffs imposed on a reciprocal basis for a number of countries and territories for 90 days. The White House explained that the pause was related to trade negotiations, adding that during this period, a universal tariff of 10% will be in effect. Concurrently, the US president raised tariffs on Chinese products to 125%. Earlier, a 20% tariff was also implemented for allegedly inefficient efforts by governments of Canada, China, and Mexico in their fight against the fentanyl smuggling. With this 20% tariff, the total tariff on goods from China now reaches 145%.
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