Trump to exempt auto makers from some U.S. tariffs, FT says

In another trade war de-escalation, President Donald Trump plans to spare carmakers from some of his most onerous tariffs, Financial Times reported. The move would exempt car parts from the “fentanyl” tariffs that Trump is imposing on imports from China as well from those levied on steel and aluminum in a “destacking” of the duties, according to Aime Williams and Kana Inagaki, citing two people with knowledge of the matter. The exemptions would leave in place a 25% tariff Trump imposed on all imports of foreign-made cars and a separate 25% levy on parts would also remain and is due to take effect from May 3, the report added. Publicly traded auto makers include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).