President Donald Trump's administration is preparing a decision to reduce the impact of tariffs on automobiles by easing some duties imposed on foreign parts in domestically produced cars and keeping tariffs on foreign-made cars from piling up on others.
"President Trump is building an important partnership with both domestic automakers and our great American workers,"
Commerce Secretary Howard Lutnick said in a statement issued by the White House.
“This agreement is a major victory for the President’s trade policy by rewarding companies that manufacture domestically while providing a platform for manufacturers that have expressed their commitment to investing in America and expanding their domestic production,” Lutnick added, according to A2.
The Wall Street Journal, which first reported the development, said the move meant that auto companies that pay tariffs would not be burdened with additional tariffs, such as those on steel and aluminum, and that refunds would be given for such tariffs that had already been paid.
A White House official confirmed the report and said the move would be made official on Tuesday. Trump is traveling to Michigan on Tuesday to mark his first 100 days in office, a period the Republican president has used to upend the global economic order.
The move to soften the effects of vehicle taxes is the latest by his administration to show some flexibility on the tariffs, which have sown turmoil in financial markets, created uncertainty for businesses and sparked fears of a sharp economic slowdown. (A2 Televizion)
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