Trump administration mulls one-month delay of US tariffs on cars from Canada, Mexico: report
The Trump administration is mulling a one-month delay for automakers facing newly implemented tariffs on Mexico and Canada — offering a brief reprieve after urgent appeals from industry leaders, according to a report.Trump administration officials met with executives from Ford Motor Co., General Motors Co.and Stellantis NV on Tuesday to discuss the impact of the tariffs and possible relief measures, according to Bloomberg News.Another high-level meeting is scheduled for Wednesday at the White House to further evaluate potential tariff exemptions, the news agency reported.A White House official told Bloomberg News that the situation remained fluid as of Wednesday.The Post has sought comment from the White House, Ford, GM and Stellantis.President Donald Trump on Tuesday imposed 25% tariffs on all goods imported from Canada and Mexico, aiming to address trade imbalances and encourage domestic manufacturing.These tariffs significantly impact the US auto industry by increasing production costs, with analysts warning that vehicle prices could rise by thousands of dollars, potentially reducing sales and affecting profitability.Automakers like Honda are adjusting strategies, such as relocating production from Mexico to the US, to mitigate tariff effects.The news of a possible delay in tariffs sparked an immediate reaction in the stock market, with Stellantis shares surging as much as 8.1% in midday trading in New York.GM’s stock climbed by as much as 6%, while Ford saw a 4.5% increase.The major US automakers, particularly those based in Detroit, have been lobbying aggressively to suspend or modify the tariffs, citing the potentially dire consequences for the industry.Commerce Secretary Howard Lutnick has hinted at possible exemptions in recent public comments.Speaking to Bloomberg Television on Tuesday, Lutnick suggested that changes could be announced as early as Wednesday, though he did not provide specifics.Some sources indicated that any delay in the tariffs would ...