The Trump administration is set to ease the impact of tariffs on automakers, Commerce Secretary Howard Lutnick indicated on Monday night.
Why it matters: Even Trump allies have expressed alarm at 25% tariffs already enacted on new foreign vehicles sold in the U.S. and plans to impose levies on imported auto part from Saturday.
Driving the news: The Wall Street Journal first reported that the Trump administration would ease tariffs on auto parts and give automakers some concessions, citing anonymous sources.
- “This deal is a major victory for the President’s trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing,” Lutnick said in a statement to media that the White House provided.
- He said President Trump was “building an important partnership with both the domestic automakers and our great American workers.”
Go deeper: The surprising winners and losers from Trump’s auto tariffs