Trump has granted tariff reductions for automakers
The White House announced that President Donald Trump of the United States will sign an executive order on Tuesday to reduce part of the 25% tariffs on cars and car parts.
This decision was made after concerns grew about the damage these tariffs could cause to domestic factories in the United States.
Analysts and automakers had warned that these tariffs could raise prices, reduce sales, and threaten the competitiveness of American products in the global market. Scott Bassett, the U.S. Treasury Secretary, said on Tuesday that the goal of this move is to facilitate the creation of more manufacturing jobs within the country.
According to this plan, automakers that complete the production of their cars within the United States will receive a 15% tariff reduction this year and a 10% reduction next year.
This discount will apply to both domestic and foreign companies with factories in the United States.
On Tuesday, May 9, Donald Trump reached the end of the first 100 days of his second presidential term at the White House.