5 days ago
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US President Donald Trump says he will temporarily spare car makers from a new 25 percent import tax imposed on Canada and Mexico, a day after the tariffs came into effect.
The announcement by the White House on Wednesday, came even as Trump continued to blast Canada for not doing enough to stop drugs from entering the US.
“Nothing has convinced me that it has stopped,” Trump wrote on social media after a phone call with Canadian Prime Minister Justin Trudeau about the economic disruption caused by new trade tariffs.
News of the relief helped boost US shares, which closed higher after two days of declines that had wiped out gains the S&P 500 had seen since the presidential election in November.
The tariff exemption is for cars made in North America that comply with the continent’s existing free trade agreement.
That deal, which was negotiated by Trump during his first term, sets out rules for how much of a car must be made in each country to qualify for duty-free treatment.
English (US) ·