Business | May 3rd 2025 Edition

Business | May 3rd 2025 Edition

Business | May 3rd 2025 Edition

Donald Trump gave a little relief to a car industry left reeling by his tariffs on imports of vehicles and auto parts. The president signed one order giving carmakers a reprieve from import duties on aluminium and steel, so there is no “cumulative effect” in the tariffs they face, he said. A second order amends his 25% car tariff by allowing manufacturers who make vehicles in the United States with foreign parts to claim a rebate of 3.75% against the value of their sales, falling to 2.75% next year. Several carmakers, including General Motors and Stellantis, have pulled their profit guidance amid the uncertainty.

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