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Trump's Executive Order Exempts Imported Cars from Steel & Aluminum Tariffs, Sets Brief Waivers for Imported Auto Parts Tariffs
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U.S. President Donald Trump signed an executive order exempting certain tariffs on automobiles and auto parts. Imported vehicles will no longer be subject to separate tariffs on imported steel and aluminum, as the overlapping tariff rates exceed the levels needed to achieve policy objectives. However, a 25% tariff on imported vehicles will still apply. Separately, for the 25% tariff on auto parts effective from Saturday, May 3, manufacturers can apply for exemptions on imported parts used in vehicles manufactured in the U.S. on or after May 3. The exemption caps are set at 3.75% of the vehicle price in the first year and 2.5% in the second year. AAStocks Financial News |
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