Trump Considers Auto Tariff Exemptions Amid Trade War Uncertainty

President Trump suggested a possible temporary tariff exemption for the auto industry. This aims to allow carmakers time to adjust their supply chains. He mentioned automakers need time to relocate production from Canada, Mexico, and other locations.

Trump initially announced 25% auto tariffs on March 27, describing them as "permanent." Last week, he announced a 90-day delay for broader tariffs, setting them at 10% for negotiations. Simultaneously, import taxes on China increased to 145%, with electronics temporarily exempted at 20%.

European Commissioner Maroš Šefčovič stated the EU is ready for a fair deal. This includes reciprocity through a 0-for-0 tariff offer on industrial goods. Negotiations involve Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer.

Trump also mentioned speaking with Apple CEO Tim Cook and providing assistance. Many Apple products, including iPhones, are assembled in China. Apple's stock price saw an increase but later decreased as investors considered potential tariffs on Chinese-made products.

China's leader, Xi Jinping, met with Vietnam's Communist Party General Secretary To Lam in Hanoi. The message conveyed was that no one benefits from trade wars. Trump suggested these nations were conspiring to harm the U.S. economically.