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The White House will extend tariff relief for U.S. automakers for five years, reducing import duties on parts to cut costs and improve competitiveness.
The White House is set to extend a tariff relief program for U.S. automakers by five years, allowing companies like Ford and GM to reduce import duties on vehicle parts, easing costs from a 25% tariff on imported vehicles.
The move, expected soon, follows lobbying over rising production expenses and aims to boost competitiveness against foreign rivals such as Toyota, which benefit from lower costs and reduced tariffs under the U.S.-Japan trade deal.
The extension maintains existing exceptions for vehicles meeting North American trade agreement content rules and has already lifted shares of major automakers.
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La Casa Blanca extenderá el alivio arancelario para los fabricantes de automóviles estadounidenses durante cinco años, reduciendo los aranceles de importación de piezas para reducir costos y mejorar la competitividad.