Trump Strikes Auto Tariff Deal In Major Boost For Carmakers
U.S. Commerce Secretary Howard Lutnick confirmed Monday that a deal has been struck with automakers to ease tariffs—marking a potential policy reversal that could offer major relief to a struggling industry. The Wall Street Journal earlier reported that President Donald Trump is expected to announce a revamped tariff structure on vehicles that avoids piling new duties atop existing ones. Currently, imported cars face a 25% tariff, along with separate 25% tariffs on steel and aluminum—key materials used in car manufacturing. “This agreement is a major win for the President’s trade strategy,” Lutnick said in a statement to CNN. “It rewards companies that manufacture in the U.S. and gives a runway for those committed to expanding domestic production.” Details of the agreement remain under wraps, but a White House official told Reuters the deal will be formally unveiled Tuesday, when Trump visits Michigan—America’s automotive heartland—to commemorate the first 100 days of his second t...