President Donald Trump will ease some levies imposed on foreign auto parts intended for use in U.S.-made vehicles, Commerce Secretary Howard Lutnick said on Monday.
Lutnick stated that Trump was “building an important partnership” with U.S. automakers through a deal intended to help lessen the impact of his tariffs on the domestic auto industry.
“This deal is a major victory for the President’s trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing,” Lutnick said in a statement.
This arrangement, first reported by the Wall Street Journal, means U.S. automakers paying tariffs would not be charged other levies, such as those on steel and aluminum, and that reimbursements would be given for such tariffs that were already paid….