automobile

Trump Announces Relief Offer To Automakers On 25% Tariffs| Signs Executive Order| N18G

U.S. President Donald Trump held a major rally in Michigan to mark the first 100 days of his second term, emphasizing trade policy and its impact on the auto industry. Michigan, hit hard by Trump's steep trade tariffs, was the backdrop for his announcement of an executive order easing tariffs on cars and auto parts. Trump said the move offers U.S. automakers temporary relief while pushing them to increase domestic production. The order includes a one-year rebate of 3.75% on vehicle sales prices, decreasing to 2.5% in the second year. Automakers and analysts warn the tariffs could raise car prices, hurt sales, and reduce global competitiveness. Industry groups have urged Trump to scrap the auto parts tariffs entirely, warning of potential layoffs and bankruptcies. Trump insisted the U.S. holds leverage in trade talks, stating foreign nations, including China, are eager to negotiate deals. He reaffirmed his intent to prioritize American manufacturing.

first published: Apr 30, 2025 06:01 pm