{"id":14165,"date":"2025-03-06T03:40:52","date_gmt":"2025-03-06T03:40:52","guid":{"rendered":"https:\/\/infundpros.com\/?p=14165"},"modified":"2025-03-06T03:40:53","modified_gmt":"2025-03-06T03:40:53","slug":"donald-trump-hands-carmakers-1-month-reprieve-from-tariffs","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14165","title":{"rendered":"Donald Trump hands carmakers 1-month reprieve from tariffs"},"content":{"rendered":"<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=a2cff8ca-440a-409a-96f8-31b58217065c&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Donald Trump has handed carmakers a one-month reprieve on tariffs on imports from Mexico and Canada, in the latest last-minute policy shift to roil corporate America.<\/p>\n<p>White House press secretary Karoline Leavitt said the president had spoken with Chrysler and Jeep maker Stellantis, Ford and General Motors on Wednesday. <\/p>\n<p>Leavitt added the exemption would apply to cars complying with the terms of the 2020 trade deal between the US, Mexico and Canada.<\/p>\n<p>\u201cThe president is giving them an exemption for one month so they are not at an economic disadvantage,\u201d Leavitt said.<\/p>\n<p>A senior Trump administration official later said that the exemption would also apply to car parts that were compliant with the USMCA agreement. Parts account for the bulk of North American cross-border trade in the industry.<\/p>\n<p>The carve-out comes after markets reacted turbulently to the Trump administration\u2019s imposition of 25 per cent tariffs on imports from Canada and Mexico, and an additional 10 per cent levy on China, on Tuesday. <\/p>\n<p>At one point, all of the S&amp;P 500\u2019s post-election gains were wiped out, before the index regained ground. The index rallied strongly on Wednesday, adding 1.1 per cent in a broad rise. <\/p>\n<p>Shares in US carmakers jumped, with Ford gaining 5.8 per cent, GM rising 7.2 per cent and Stellantis\u2019s US-listed depositary receipts soaring 9.2 per cent. Other auto groups also gained, with Japan\u2019s Honda and Nissan rising 2 per cent.<\/p>\n<p>Previous modelling by Nomura analysts estimated that tariffs on vehicles imported to the US that do not comply with the USMCA would negatively impact the profits of Mazda, Subaru, Mitsubishi Motors and Hyundai the most. <\/p>\n<p>Tariffs on Mexico and Canada had been seen as particularly punitive for the auto industry because of the complex supply chains that criss-cross North America.<\/p>\n<p>Trump\u2019s tariffs have triggered an escalating North American trade war. Canada responded with steep levies of its own on all US imports. Mexico has said it plans to announce its response on Sunday.<\/p>\n<p>In a sign of the tensions raised by the incipient trade war, outgoing Prime Minister Justin Trudeau will not lift Canada\u2019s retaliatory tariffs if Washington maintains any levies on Ottawa, a senior government adviser told the Financial Times.<\/p>\n<p>Flavio Volpe, the head of Canada\u2019s Automotive Parts Manufacturers\u2019 Association, added that a month-long reprieve to the industry would not resolve the matter for businesses and workers fearful of job losses and plant closures.<\/p>\n<p>He said: \u201cNo one can operate under 30-day threat cycles, including especially American businesses. Evidence of this is the fact that it was American businesses who requested this reprieve, not Canada or Mexico.\u201d<\/p>\n<p>The American Automotive Policy Council, a trade body representing Stellantis, Ford and GM in Washington, welcomed the move. GM separately said the new approach would enable US automakers to compete and invest domestically.<\/p>\n<p>Toyota said that it is \u201cprepared to make quick and optimal decisions once the situation becomes clearer\u201d. Executives at the Japanese car producer have previously said it would attempt to cut costs before raising vehicle prices in response to tariffs.<\/p>\n<p>An auto industry executive said that Toyota could increase production in the US and Canada to get more vehicles into the US ahead of the 30-day reprieve expiring, but warned of a \u201csevere impact\u201d if tariffs were applied to US imports from Mexico and Canada.<\/p>\n<p>Leavitt suggested more industries would be able to make the case for carve-outs from the tariffs, saying Trump was \u201copen to hearing about additional exemptions\u201d.<\/p>\n<p>\u201cHe always has open dialogue, and he\u2019ll always do\u2009.\u2009.\u2009.\u2009what\u2019s right, what he believes is right for the American people,\u201d she added.<\/p>\n<p>But Leavitt said Trump\u2019s \u201creciprocal\u201d tariffs would still go into effect on April 2 as planned. <\/p>\n<p>\u201cHe feels strongly about that, no matter what, no exemption,\u201d she said. \u201cSo that\u2019s where the one month comes from.\u201d<\/p>\n<p>Trump had told companies \u201cget on it\u201d and begin shifting their production to the US, Leavitt said. \u201cThat\u2019s the ultimate goal.\u201d <\/p>\n<p>Earlier on Wednesday, US commerce secretary Howard Lutnick said the president would \u201cconsider\u201d relief for certain sectors.<\/p>\n<p>But he reiterated the Trump administration\u2019s complaints that Mexico and Canada had failed to clamp down on the trafficking of the deadly opioid fentanyl and suggested any reprieve could last just a month.<\/p>\n<p><em>Additional reporting by Claire Bushey in Chicago<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/a2cff8ca-440a-409a-96f8-31b58217065c\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14165","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Donald Trump hands carmakers 1-month reprieve from tariffs | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldDonald Trump has handed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14165\" \/>\n<meta property=\"og:locale\" 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