Trump gives more tariff help to car industry
The Trump government will continue helping U.S. car makers with import taxes and will add new taxes on heavy trucks and buses.
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The White House announced it will extend tariff relief programs for car companies from two years to five years. This helps companies that make cars in America but bring parts from Mexico or Canada. Before this decision, companies had to pay many different taxes on the same parts.
Ford's CEO said his company expects to pay about $2 billion in tariffs this year, even though Ford is the biggest U.S. car maker. Trump also announced new tariffs: 25% on heavy trucks from other countries starting November 1, and 10% on buses. Mexico and Canada will get better treatment because of the USMCA trade agreement.
The government is also creating a new program to encourage companies to make car engines in the United States. These changes show Trump's focus on helping American manufacturing and creating jobs for U.S. workers.
Original Article
nbcnews.comhttps://www.nbcnews.com/business/autos/trump-extends-tariff-relief-us-auto-industry-rcna238260