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Donald Trump has given car manufacturers a one-month return on import fees from Mexico and Canada, the White House said in the latest change in the last minute policy in Rail Corporate America.
White House press secretary Karoline Leavitt said the US president had spoken to Stellantis, Ford and General Motors on Wednesday.
Leavitt added that the exemption would apply to cars that comply with the conditions of the 2020 trade agreement between the US, Mexico and Canada.
“The president is giving them an exception for a month, so they are not on an economic disadvantage,” Leavitt said.
The excavation comes after markets reacted violently to the Trump administration’s imposition 25 percent fees on imports from Canada and Mexico, and an additional 10 percent tax in China on Tuesday.
At one point, all the profits after the S&P 500 elections were deleted before the index recovers the ground.
Trump’s tariffs have triggered an escalating war of trade in North America, with Canada responding to its steep tariffs for all US imports. Mexico has said she plans to announce her response on Sunday.
Leavitt suggested that more industries would be able to make the issue of carving from tariffs, saying Trump was “open to hear about additional exceptions”.
“He always has open dialogue and will always do. … What’S what is right, what he believes is right for the American people,” she added.
But she said Trump’s “reciprocal” tariffs would come into force on April 2 as planned.
“He feels strongly about it, no matter what, without exception,” Leavitt said. “So where one month comes.”
Trump had told companies to “get it” and start shifting their production to the US, she said. “That’s the ultimate goal.”
Earlier on Wednesday, US Secretary of Trade Howard Lutnick said Trump would “consider” the relief for certain sectors.
But he reiterated Trump administration complaints that Mexico and Canada had failed to seize trafficking of deadly opioid fenthan and suggested that any return could only last one month.
Shares in US automotives were thrown on Wednesday, with Ford winning about 5 percent, General Motors with 6 percent and shares listed in New York, Stellantis growing almost 9 percent. Other car groups also won, with shares listed in Wall Street in Toyota, Japan, raising 6 percent.
