Pres. Trump modifies tariffs for auto industry
President heads to Michigan on 100th day in office
WASHINGTON (Gray DC) - On the 100th day of his second term, the Trump istration is touting its economic successes and modifying the President’s tariffs on foreign-made autos.
Ahead of a trip to Michigan for a rally outside Detroit, President Donald Trump easing tariffs on auto tariffs. The move coincides with President Trump’s 100th day in office.
President Trump is responding to pushback that he’s received from automakers, including Detroit’s big three. The President set to sign an executive order that will mean that automakers paying 25% auto tariffs won’t be charged for other tariffs, including those on imported steel and aluminum.
Treasury Secretary Scott Bessent told reporters at a Tuesday press briefing that the istration’s goal is to bring manufacturing back to the U.S., “We want to give the automakers a path to do that quickly, efficiently and create as many jobs as possible.”
The President’s tariffs policy has created uncertainty in financial markets and in corporate America. Consumer confidence, the measure of how Americans feel about their spending, fell to the lowest level in five years, according to the non-profit trade association, the Conference Board. Tuesday, the White House slammed Amazon for reportedly planning to display the additional cost of tariffs next to the total price of products on its site.
White House Press Secretary Karoline Leavitt responded, “this is a hostile and political act by Amazon. Why didn’t Amazon do this when the Biden istration hiked inflation to the highest level in 40 years? This is another reason why Americans should buy American.”
The White House is taking credit for the 345,000 jobs that have been added to the economy since President Trump took office in January. It’s also highlighting a slight decline in inflation. But many economists are forecasting that the President’s tariffs could lead to a slowdown in growth and an increase in inflation by the end of this year.
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