Automakers received temporary reprieve Wednesday from US President Donald Trump’s tariffs targeting Canada and Mexico, as concerns mounted over consumer impacts and talks with Canadian Prime Minister Justin Trudeau yielded no immediate breakthrough.
Following discussions with the “Big Three” US automakers — Stellantis, Ford and General Motors — Trump decided to “give a one-month exemption on any autos coming through USMCA,” White House Press Secretary Karoline Leavitt said, referring to the North American free trade pact.
“They made the ask, and the president is happy to do it,” Leavitt told reporters.
Wall Street stocks rallied after the announcement, with shares of the three automakers each surging about six percent or more.
The American Automotive Policy Council said it applauded Trump’s move.
But prospects of wider relief were dampened after Trump’s call with Trudeau. The US leader said he was unconvinced that Ottawa had done enough to address Washington’s concerns over smuggling of the dangerous drug fentanyl.
Canada contributes less than one percent of fentanyl to the United States’ illicit supply, according to Canadian and US government data. But Trump has shrugged off these figures.বিস্তারিত