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Trump will sign an executive order softening the tariff impact for automakers

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Consumers, though, will still pay more.
In an executive order signed by former President Donald Trump in 2020, aimed at reducing "tariff stacking" on imported vehicles and parts, the U.S. government sought to address the issue where automakers faced multiple tariffs when assembling vehicles with components from various countries. The order instructed the U.S. Trade Representative to consider negotiating agreements with countries like the European Union, Japan, and South Korea to mitigate these tariffs. This move was seen as a response to complaints from U.S. automakers about the competitive disadvantage they faced due to high tariffs, which could increase the cost of vehicles assembled in the U.S. with foreign parts. The executive order was part of broader efforts by the Trump administration to reform trade policies and support the American automotive industry.

Read the Full Fortune Article at:
[ https://fortune.com/article/trump-executive-order-tariff-stacking-automakers/ ]