WASHINGTON\/DETROIT: US President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday with a mix of credits and relief from other levies on materials, and his trade team touted its first deal with a foreign trading partner.
\nThe developments helped eased some investor worries about the erratic trade policies of Trump as the president visited Michigan, a cradle of the US auto industry, just days before a fresh set of 25 percent import taxes was set to kick in on automotive components.
\nThe trip, on the eve of his 100th day in office, came as Americans take an increasingly dim view of Trump\u2019s economic stewardship, with indications his tariffs will weigh on growth and could drive up inflation and unemployment.
\nIn his latest partial reversal of tariff policies, the Republican president agreed to give carmakers two years to boost the percentage of domestic components in vehicles assembled domestically.
\nIt will allow them to offset tariffs for imported auto parts used in US-assembled vehicles equal to 3.75 percent of the total value of the Manufacturer\u2019s Suggested Retail Price of vehicles they build in the US through April 2026, and 2.5 percent of US production through April 30, 2027.
\nAuto industry leaders had lobbied the administration furiously during the weeks since Trump first unveiled his 25 percent tariffs on imported vehicles and auto parts. The levies, aimed at forcing automakers to reshore manufacturing domestically, had threatened to scramble a North American automotive production network integrated across the US, Canada and Mexico.
\nIt offers the industry a \u201clittle relief\u201d as companies invest in more US production, Trump said as he left Washington for Michigan. \u201cWe just wanted to help them … if they can\u2019t get parts, we didn\u2019t want to penalize them.\u201d
\nThe White House said the change will not affect the 25 percent tariffs imposed last month on the 8 million vehicles the United States imports annually.
\nAutos Drive America, a group representing Toyota Motor, Volkswagen, Hyundai and nine other foreign automakers, said Trump\u2019s order provided some relief \u201cbut more must be done in order to turbocharge the US auto industry.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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