US President Donald Trump is considering customs make-up for companies that produce their cars in the United States, according to a Reuters report that quoted the Republican Senator Bernie Moreno and representative of the auto industry.
The measure could cancel many of the tariffs with which car manufacturers are currently confronted with, it continued.
Companies that assemble their cars in Germany, such as Ford Motor, Toyota Motor, Honda Motor, Tesla and General Motors, were effectively protected from tariffs, the Senator from Ohio said in the interview.
In June, the US Ministry of Trade had proposed to compensate for 3.75 percent of the recommended retail price of a vehicle for models assembled in the USA until April 2026, followed by a second year with 2.5 percent to compensate for tariffs to imported auto parts. Moreno said Reuters that Trump is considering extending 3.75 percent to five years and extending the authorization to produce US engines.
“It is of course the president, but I am absolutely thrilled that we are now creating an incentive system that really separates these importers from those who produce in America,” said Moreno, according to the article.
For most vehicles that do not fall under trade agreements, the United States raises a customs of 2.5 percent on passenger vehicles and 25 percent on light trucks. There are also different tariffs on auto parts and a 50 percent customs on steel and aluminum imports, which could increase the material costs for vehicles, even if they are produced domestically.
By Evie Liu
Dow Jones
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