Tariff Relief Plan Expected to Be Announced This Afternoon
The Donald Trump administration in the United States is reportedly considering a one-month exemption of the 25% tariffs imposed on Mexico and Canada for the automobile industry.
On the 5th (local time), Bloomberg News reported, citing some sources, that officials from the Trump administration met with representatives from Ford, General Motors (GM), and Stellantis the previous day to discuss this matter.
A White House official told the news agency that a meeting to discuss tariff relief for Mexico and Canada would be held that day.
Howard Lutnick, U.S. Secretary of Commerce, also stated in an interview with Bloomberg News that a tariff relief plan, including a suspension of tariffs on the automobile sector, could be announced. However, he did not mention any specific details.
In an interview with Fox News the previous day, Secretary Lutnick said, "If you follow the rules, President (Trump) is considering providing relief for you," and added that some relief measures related to the 25% tariffs that took effect at midnight on the 5th could be announced as early as that day for the two countries.
The United States enforced the 25% tariffs on Canada and Mexico from midnight on the 4th, after a one-month suspension. Regarding China, the U.S. raised the additional tariff rate to a total of 20%, increasing it by 10% on top of the 10% additional tariff imposed on the 4th of last month.
This tariff measure has raised concerns that the U.S. automakers with production bases in Mexico will suffer significant damage, such as soaring vehicle production costs and supply chain disruptions. John Bozzella, chairman of the Alliance for Automotive Innovation (AAI), said the previous day, "All automakers will be affected by the tariffs on Canada and Mexico," and "Most people expect the prices of some vehicle models to rise by as much as 25%."
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