The Trump administration is scaling back its 25 percent tariffs on imported automobiles and auto parts that are scheduled to go into effect May 3.

The Trump administration said it 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........

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