The White House confirmed on Tuesday that President Donald Trump will sign an order protecting the auto industry from tariffs “stacking” on top of each other in exchange for continued focus on domestic production.
Auto manufacturers will continue to pay a 25% tariff for imported vehicles, but Trump’s order will prevent any additional tariffs, such as the 25% tax on steel and aluminum, from affecting car companies, CNBC reported. Trump’s order will be retroactive, allowing automakers to receive reimbursements for tariffs they have already paid, according to The Wall Street Journal.
Treasury Secretary Scott Bessent said during a White House press briefing on Tuesday that the president’s move shows a commitment to bringing car manufacturing back to the United States. “We want to give the automakers a path to do that quickly, efficiently, and create as many jobs as possible,”…
