Trump signs order to lessen multiple auto tariffs
WASHINGTON
Trump moved on April 29 to soften tariffs on automakers, sparking cautious optimism in an industry that has been on tenterhooks as it awaits details on the fast-evolving policy.
He signed an executive order to limit the impact of overlapping tariffs on automakers. He also released a proclamation that gives the industry a two-year grace period to move supply chains back to the United States and reduce "American reliance on imports of foreign automobiles and their parts."
The move means that an automaker would not face both a 25 percent levy for an imported vehicle and 25 percent on steel or aluminum, said a Commerce Department official who added the measures would give the industry time to move supply chains to the United States.
Automakers have been among the hardest-hit sectors by Trump's multi-pronged assault on free trade.
