Trump delays auto tariff threat for up to 180 days
By David J. Lynch David J. Lynch Financial writer covering trade and globalization Email Bio Follow May 17 at 9:44 AM President Trump is giving the European Union and Japan six months to agree to limit their auto shipments to the United States or face the threat of U.S. tariffs.
The president’s decision followed a Commerce Department report that concluded rising imports of foreign autos and auto parts threatened U.S. automotive research and development capabilities and thus impaired national security. “American-owned automotive R & D and manufacturing are vital to national security,” Commerce Secretary Wilbur Ross found.The president threatened last year to hit foreign cars and parts with a 25 percent tariff but agreed to defer a decision while negotiations with U.S. trading partners proceed.
Friday’s announcement was not unexpected. But it sets the clock running on another key trade issue at a time when Robert E. Lighthizer, the chief U.S. trade negotiator, already is engaged in trying to reset trade relations with China and secure congressional approval of a new North American trade deal.
“If agreements are not reached within 180 days, the president will determine whether and what further action needs to be taken,” a White House statement said.
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