2 weeks Ago By Moneycontrol
The Trump administration is considering reducing tariffs on auto parts ahead of a May 3 deadline that has drawn the ire of global carmakers, according to the Financial Times. The proposal would exempt car parts from tariffs President Donald Trump has levied on imports from China to stop fentanyl production, people familiar with the plan told the newspaper. The plan would also let parts makers avoid tariffs for steel and aluminum, referred to as “destacking,” the FT said.
Later in the Oval Office, Trump was asked if he was considering changes to auto tariffs and indicated he was not — while also suggesting he might even increase levies on the Canadian auto sector. “No, we’re not considering it now, but at some point it could go up,” Trump said. “Because, again, we don’t really want Canada to make cars for us.
To put it bluntly, we want to make our own cars, and we’re now equipped to do that.” A 25% tariff on all imports of foreign-made cars would remain in place and a 25% tariff on car parts will still be imposed on May 3, the FT report said. The White House didn’t respond to a request for comment Wednesday.
General Motors Co. rose as much as 6.1% in aftermarket trading, while Ford Motor Co.
gained 3% and Stellantis’ US shares added 6.8%..
