(Bloomberg) -- The Trump administration is considering reducing tariffs on auto parts ahead of a May 3 deadline that has drawn the ire of global carmakers, according to the Financial Times.
The proposal would exempt car parts from tariffs President Donald Trump has levied on imports from China to stop fentanyl production, people familiar with the plan told the newspaper. The plan would also let parts makers avoid tariffs for steel and aluminum, referred to as “destacking,” the FT said.
A 25% tariff on all imports of foreign-made cars would remain in place and a 25% tariff on car parts will still be imposed on May 3, the report said. The White House didn’t immediately respond to a request for comment.
General Motors Co. rose as much as 6.1% in aftermarket trading, while Ford Motor Co. gained 3% and Stellantis’ US shares added 6.8%.
Trump to Exempt Car Parts From Tariffs on China Imports
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