Auto Tariffs Delayed Six Months; Certain Steel & Aluminum Tariffs Suspended

President Donald Trump on Friday announced a delay in imposing tariffs on imported vehicles and parts from the European Union, Japan and other nations for 180 days to pursue negotiations, avoiding opening another front in his tariff battle with some of America’s key allies, according to Fortune magazine.

The Commerce Department submitted its findings in February to the president after conducting a probe into whether car imports pose a national-security threat. Trump had until Saturday to decide how to respond, including whether to impose tariffs or defer any action.

In a proclamation released in Washington, Trump said he agreed with the conclusion by Commerce that imports of cars and certain auto parts harm national security.

The order, however, softened language contained in an earlier draft seen by Bloomberg, which had sought to reach “agreements that limit or restrict” exports of autos and auto parts from the EU, Japan and other nations – suggesting the U.S. could seek to impose quotas.

Click to continue reading this Fortune article.

Meanwhile, USA Today reported on Friday that President Trump will suspend tariffs on steel and aluminum that were imposed on Canada and Mexico a year ago in an effort to gain leverage in broader trade negotiations.

Trump was poised to lift the tariffs in coming days, said two sources familiar with the deal who spoke on the condition of anonymity to discuss details of an announcement not yet made public. The president announced a deal in broad outlines during a previously scheduled speech in Washington on Friday.

“I’m pleased to announce that we’ve just reached an agreement with Canada and Mexico and we’ll be selling our products into those countries without the imposition of tariffs, or major tariffs,” Trump said during an address to the National Association of Realtors. “Big difference.”

Click to continue reading this USA Today article.

Related Articles

Back to top button