Trump administration will delay auto tariffs for up to six monthsMay 17, 2019
Vehicles wait for shipment at Lianyungang Port in Lianyungang, China.
VCG | Visual China Group | Getty Images
The Trump administration will delay tariffs on cars and auto part imports as it negotiates trade deals with the European Union and Japan.
The White House had to decide by Saturday whether to slap duties on autos over what it calls national security concerns. By law, the administration can push back its decision by up to six months if it is negotiating with trading partners.
Levying the auto tariffs threatened to open new fronts in a global trade war that could drag on the U.S. economy.
Automakers and some U.S. lawmakers opposed the potential tariffs. The car industry said the duties would put jobs in jeopardy and raise prices for consumers.
The decision comes after the U.S. and China fired new shots in their trade war. The White House is working to salvage a trade deal with Beijing amid the widening conflict.
This story is developing. Please check back for updates.
Source of this (above) article: https://www.cnbc.com/2019/05/17/trump-administration-will-delay-auto-tariffs-for-up-to-six-months.html