US President Donald Trump has extended tariff concessions for cars produced in the US with imported components until 2030.
Manufacturers can receive a refund of up to 3.75 percent of the sales price of their vehicles. The measure was originally supposed to expire in 2027 – and the reimbursement share would fall to 2.5 percent from the second year onwards. Trump imposed 25 percent tariffs on imported cars and components in the spring.
The President also announced tariffs on imports of trucks and buses into the USA. The duty for trucks and components is 25 percent. As with cars, manufacturers can get 3.75 back from the selling price for vehicles built in the US by 2030. Trump pointed out that around 43 percent of trucks sold in the USA are imported. The duty on buses was set at ten percent.
By extending the benefits, Trump is addressing the concerns of US manufacturers such as Ford Motor and General Motors. They saw the trade agreement with Japan, which imposed a 15 percent tariff on vehicles built there, as a problematic deal for American industry. For vehicles assembled in the USA, the proportion of imported components, on which tariffs of 25 percent may be due, is 40 to 50 percent.
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WASHINGTON (dpa-AFX)
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