Trump delays car tariffs for 6 months

Trump delays car tariffs for 6 months

May 17, 2019 Off By readly




Auto worker

  • The White House said on Friday it would hold off on deciding whether to impose steep tariffs on cars entering the US.
  • That delayed a major escalation that was expected to raise the price of vehicles by thousands of dollars. 
  • The Commerce Department concluded an investigation into whether auto imports pose a threat to national security, but its findings haven’t yet been turned over to Congress. 

The White House said on Friday it would hold off on deciding whether to impose steep tariffs on cars entering the US, delaying a major escalation that was expected to raise the price of vehicles by thousands of dollars. 

The 180-day delay had been widely expected and will allow negotiators additional time for potential trade negotiations with the European Union and Japan.

In February, the Commerce Department concluded an investigation into whether auto imports pose a threat to national security. The White House has so far declined to make those findings available to lawmakers, who widely oppose the prospect of auto tariffs.

Nearly 160 bipartisan members of Congress urged White House economic adviser Larry Kudlow in a letter earlier this month to not follow through with a tariff as high as 25% on vehicles entering the US.

"We are convinced that the products hard-working Americans in the auto sector design, build, sell, and service are not a threat to our national security," the letter said. "We strongly urge you to advise the President against imposing trade restrictions that could harm the auto sector and the American economy."

This story is developing. Check back for updates.

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Source of this (above) article: https://markets.businessinsider.com/news/stocks/trump-delays-car-tariffs-for-six-months-2019-5-1028210961