Lutnick will also appear on CNBC at 2 pm ET
- Adjustments to auto tariffs are aimed at allowing domestic automakers time to growth US plants and employment
- Executive orders growth out of detailed conversations with domestic car makers
- Manufacturers of domestic autos will get a 15% offset for the value of those vehicles against parts imports
- All cars that are finished in the US that have 85% domestic content will have no tariffs
- Tariff relief to be phased in over three years to allow automakers to produce supply chains in the US
- Finish your cars in America and you win
- Automakers will pay either steel or auto tariffs, which ever is higher
- Auto makers told Trump they needed relief to boost hiring plans
Automakers aren’t exactly cheering the news today with share prices near flat.
This whole things sounds over-complex and ripe for abuse. Ronald Reagan warned that tariffs end in corruption.
This article was written by Adam Button at www.forexlive.com.
