Lutnick says Trump's autos tariff relief aimed at reshoring production to US
Business
Lutnick says Trump's autos tariff relief aimed at reshoring production to US
WASHINGTON (Reuters) - U.S. President Donald Trump will sign an order giving automakers building vehicles in the U.S. relief from part of his new 25% vehicle tariffs to allow them time to bring parts supply chains back home, Commerce Secretary Howard Lutnick said on Tuesday.
Automakers would receive credits for up to 15% of the value of vehicles assembled in the U.S. that could be applied against the value of imported parts, Lutnick told reporters.
Autos and parts subject to the 25% Section 232 autos tariffs would no longer be subject to other tariffs imposed by Trump, including 25% duties on Canadian and Mexican goods, as well as 10% duties applied to most other countries.
