Yahoo Finance: The Big Three Automakers Get 1-Month Reprieve on Tariffs

After the new 25% tariffs on Mexican and Canadian imports—and a bump from 10% to 20% for Chinese imports—went into effect on March 4, the Big Three automakers requested a call with President Trump. Yahoo Finance reports that the call resulted in a one-month reprieve for the three companies, which include Ford, GM and Stellantis.

White House press secretary Karoline Leavitt stated that the president was happy to grant the request from the automakers. Leavitt emphasized that the Big Three would be subject to the tariffs once again in April and said that the president advised the companies to focus on moving production to the U.S.

Yahoo Finance continued that even though the new tariffs likely mean higher auto prices for consumers, some dealers aren’t yet overly concerned unless the U.S. ends up in a trade war. When the tariffs start to affect sticker prices, dealerships will likely try to share some of the costs with customers, but factory incentives and subsidized financing are expected to be put on hold.

For the full story on Yahoo Finance, click here.