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Business & Economy

Business & Economy

The Big Story

Trump signs orders to scale back auto tariffs

President Trump signed executive orders Tuesday scaling back his 25 percent tariffs on imported automobiles and auto parts that are scheduled to go into effect May 3.

© AP

The Trump administration will spare foreign auto parts from facing a double hit from the president’s auto tariffs and his previously imposed import taxes on foreign metals, instead charging the highest available rate per product.

The administration will also allow automakers to apply for 15 percent price offsets in the first year of the tariffs and a 10 percent offset in the second year in a bid to get companies to increase domestic production of automobiles.

The cost reductions for carmakers — which the administration is calling offsets and distinguishing from rebates — will be phased out in the third year, by which time officials expect auto supply chains to be sufficiently reshored.

After the end of the second year, the 25 percent import tax on auto parts will be levied in full.

Read the full report at TheHill.com.

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