Trump seeks to ease auto tariffs, could take action on Tuesday

According to Mars Finance News, on April 29, informed sources revealed that Trump is expected to take measures to mitigate the impact of automotive tariffs, preventing additional tariffs on foreign cars from being stacked on top of existing tariffs, and relaxing some tariffs on foreign parts used in manufacturing cars in the United States. This decision means that car manufacturers paying automotive tariffs will not be subject to additional tariffs on steel, aluminum, and other goods. The Trump administration will also modify tariffs on foreign automotive parts—originally set to take effect on May 3 at a rate of 25%—allowing car manufacturers to receive tariff compensation equivalent to 3.75% of the value of cars manufactured in the United States within one year. In the second year, the subsidy will decrease to 2.75% of the car's value and then be gradually phased out. Trump is expected to take action before heading to a rally in the suburbs of Detroit, Michigan on Tuesday evening, which falls on the 100th day of his presidency. (Jintian)