Trump Grants One-Month Tariff Exemption to U.S. Automakers on Imports from Mexico and Canada
In a move to alleviate potential economic strain on the automotive industry, President Donald Trump has announced a one-month exemption from the newly imposed 25% tariffs on auto imports from Mexico and Canada. This decision, revealed by White House Press Secretary Karoline Leavitt, follows discussions with leaders of the “Big Three” automakers—Ford, General Motors, and Stellantis.
The exemption aims to provide these manufacturers with additional time to adjust their supply chains and consider shifting production to the United States. Leavitt emphasized the administration’s goal, stating that President Trump “told them they should get on it, start investing, start moving, shift production here to the United States of America, where they will pay no tariff.”
The announcement had an immediate positive impact on the stock market. Shares of Ford Motor Company rose by 5.1% to $9.58, while General Motors and Stellantis saw increases of approximately 7% and 9.2%, respectively.
Despite this temporary relief, the administration plans to implement broader “reciprocal” tariffs starting April 2, designed to match the taxes and subsidies that other countries impose on U.S. imports. These forthcoming tariffs are not expected to include further exemptions, underscoring the administration’s commitment to addressing trade imbalances and encouraging domestic production.
Source : Swifteradio.com
