The auto worker of Trump founder Brian Pannebecker explains how American workers benefit from the tariffs of President Donald Trump’s “Verney and Company.”
President Donald Trump is scheduled to announce a decision on Tuesday to reduce the impact of tariffs on Michigan automakers, Fox Business confirmed.
Sources within the Trump administration said the decision follows a well-intentioned effort by the automotive industry to bring manufacturing back to the US, adding that Trump wants to give them a “runway” in their business.
Commerce Secretary Howard Lutnick said the president would “build a critical partnership” with “domestic automakers and our great American workers.”
“The transaction is a major victory for the president’s trade policy by rewarding companies that manufacture domestically, and at the same time provides a runway for manufacturers who have expressed their commitment to expanding investment in the US and manufacturing in Japan,” Lutnick said.
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President Donald Trump will announce a decision on Tuesday to reduce the impact of tariffs on automakers, management officials told FOX Business. (Frederic J. Brown/AFP via Getty Images)
The cuts will prevent automakers who have already paid fees from being hit by their steel and aluminum duties, the Wall Street Journal reported. It is also said that the car manufacturer has been reimbursed of the customs duties already paid.
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The decision to reduce carmakers’ tariffs comes from industry efforts to bring manufacturing back to the US, officials said. (Getty Images/Jeff Kowalski via Getty Images/AFP)
The tariffs were decided by the Trump administration to boost domestic manufacturing, and there were plans to impose another 25% tariff on auto parts starting May 3rd.
Initially, parts compliant with the US-Mexico-Canada contract will be exempt, but the Department of Commerce was expected to develop a plan to impose tariffs on non-US components.
The agency was also expected to establish a process of imposing customs duties on other auto parts by late June.
President Donald Trump is expected to make an announcement in Michigan on Tuesday that will affect car makers. (Reuters/Phil McCalten/File Photo)
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Because a 25% tariff was imposed All imported passenger cars In April, automotive experts fear the cost of new vehicles across the industry will become a huge hit.
The National Automobile Dealers Association raised concerns this year about “matching customers with vehicles that can afford” and described it as “an ongoing challenge for new car and truck dealers in America.”
Edward Lawrence and Daniella Genovese of Fox Business contributed to this report.
