Trump administration delays auto tariff decision by 180 days
Commerce Secretary Wilbur Ross on USMCA and efforts to streamline the process for improving America's infrastructure.
The White House announced it will delay a decision to impose tariffs on imported automobiles and parts by 180 days.
President Trump, in a proclamation, provided these details on Friday.
"I have decided to direct the United States Trade Representative (Trade Representative) to pursue negotiation of agreements contemplated in 19 U.S.C. 1862(c)(3)(A)(i) U.S.to address the threatened impairment of the national security with respect to imported automobiles and certain automobile parts from the European Union, Japan, and any other country the Trade Representative deems appropriate, and to update me on the progress of such negotiations within 180 days. Under current circumstances, this action is necessary and appropriate to remove the threatened impairment of the national security."
Speaking to FOX Business earlier this week, Commerce Secretary Wilbur Ross detailed a recent meeting between President Trump and Japan's Prime Minister Abe.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 173.48 | +1.13 | +0.66% |
"While there were some very clear statements by the President, the tone was friendly," said Ross, adding the two world leaders played a round of golf following trade discussions.
The delay comes ahead of a May 18 deadline in which Trump would have proceeded with tariffs of up to 25 percent on European made cars and parts.
In February, the Commerce Department submitted a report to Trump saying he could justify auto tariffs based on national security concerns.
CLICK HERE TO GET THE FOX BUSINESS APP
Automakers have warned a 25 percent tariffs would backfire, driving up the cost to U.S. consumers and resulting in job loss for the auto industry.