President Donald Trump has granted Stellantis, Ford and General Motors a month's tariff exemption, the White House said Wednesday.
US automakers complying with the US-Mexico-Canada Agreement (USMCA) have received a month's exemption from Trump administration's tariffs that came into effect Monday, White House spokesman Carolyn Leavitt announced Wednesday.
“We spoke to the Big Three automaker,” confirmed Leavitt. “We will provide a one-month exemption for all cars coming through the USMCA.”
“Mutual tariffs will still come into effect on April 2, but as per the company's requests relating to the USMCA, the president is exempt from them for a month, so they will not be at a financial disadvantage,” Leavitt said.
She told reporters that Stellantis, Ford and General Motors were the companies Trump spoke to.
“They requested a call. They ask questions and the president is happy to do it,” Levitt added. “That's a one-month exemption.”
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The Ford Mach-E EV vehicle will be seen at a dealership in Richmond, California on Monday. (Getty Images/David Paul Morris via Getty Images/Bloomberg)
The USMCA was signed during Trump's first term.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| f | Ford Motor Co. | 9.63 | +0.50 |
+5.52% |
| GM | General Motors Co. | 48.36 | +3.15 |
+6.96% |
| STLA | Stellantis NV | 12.88 | +1.08 |
+9.19% |
In mid-February, Trump signed an executive order that imposed mutual tariffs on U.S. trading partners and effectively increased their import obligations to suit those imposed on American exports.
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The Trump administration is scheduled to impose mutual tariffs on April 2nd. (Reuters/Nathan Howard/Reuters)
The Trump administration aims to complete the trade review by April 1, and plans to target what is first called the most “bad” issue, including countries with a massive trade surplus with the US and the highest tariff rate on American goods.
The president's tariffs are consistent with higher tariff rates in other countries and aim to negotiate with some countries to counter and reduce other trade barriers, such as burdensome regulations, value-added taxes, government subsidies, and exchange rate policies.
The engine will be lifted on August 18, 2022 at the Stellantis Dundee Engine Complex in Dundee, Michigan. (Bill Pagliano/Getty Images/Getty Images)
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Critics say tariffs could raise prices for American consumers. The Trump White House sees tariffs as leverage in economic and foreign policy negotiations and a tool to bring businesses back to the US
Fox Business 'Eric Revell, Louis Casiano, Hillary Vaughn and Reuters contributed to this report.
