Trump offers one-month tariff exemption to U.S. automakers

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Trump offers one-month tariff exemption to U.S. automakers

Trump outlines his economic plans to Congress

Trump outlines his economic plans to Congress

28:13

President Trump is giving a one-month exemption to U.S. automakers from the round of tariffs that took effect on March 4, White House press secretary Karoline Leavitt said on Wednesday. 

Mr. Trump’s imposition of 25% tariffs on all goods imported from Canada and Mexico, as well as an additional tariff of 10% on ******** imports, were expected to hit the auto industry hard because many vehicle parts and components are imported from those countries to manufacture cars in the U.S.

Price of groceries, cars could increase due to Trump’s tariffs, experts say

05:31

The goal is to give U.S. automakers time to shift their supply chains to within the U.S., Leavitt said. Mr. Trump “told them they should get on it, start investing, start moving, shift production here to the U.S. of America, where they will pay no tariffs. That’s the ultimate goal,” she said.

—This is breaking news and will be updated.

Aimee Picchi

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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