Trump Announces Partial Relief from Auto Tariffs
(MENAFN) President Donald Trump is set to lift certain tariffs on car parts, according to a report released on Wednesday, citing sources familiar with the matter.
The tariff relief is part of a "destacking" initiative, aimed at reducing duties on auto components. However, a 25% tariff on foreign-made vehicles will remain in place, as will a separate 25% levy on auto parts, which is scheduled to begin on May 3.
"Although Washington has already shielded autos from the 'reciprocal' tariffs announced on major trading partners, U.S. auto companies have in recent weeks pushed for further exemptions," media sources reported.
"The concessions would mark an initial win for the auto sector and another retreat by Trump on his most aggressive tariffs amid concerns that they would push up U.S. car prices, disrupt supply chains and cause job losses," the media noted.
Car industry leaders have voiced increasing opposition to the tariffs. Stellantis Chairman John Elkann recently warned that "American and European car industries are being put at risk" due to the trade measures.
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