Automakers spike on report that Trump administration is considering tariff relief
The Trump administration is considering significant tariff relief for many major automakers, according to reporting by Reuters.
“The signal to the car companies around the world is, look, you have final assembly in the US, we’re going to reward you,” Ohio Republican Senator Bernie Moreno told Reuters. “For Ford, for Toyota, for Honda, for Tesla, for GM, those are the almost in order the top five domestic content vehicle producers — they’ll be immune to tariffs.”
The senator told Reuters that President Trump could potentially extend the higher levels of tariff offsets announced by the Commerce Department in June.
According to the White House, Moreno’s comments should be considered “speculative,” but shares of vehicle makers including Ford, GM, Toyota, Honda, and Stellantis all rose after the report came out.