President Trump has delayed tariffs on cars from Canada and Mexico for a month after speaking to auto industry execs. White House press secretary Karoline Leavitt said Wednesday that Trump has granted a temporary exemption to cars covered by the US-Mexico-Canada Agreement negotiated during Trump's first term, CNN reports. Leavitt said Trump spoke to the "Big Three auto dealers"—Stellantis, Ford, and General Motors. "He told them they should get on it, start investing, start moving, shift production here to the United States of America, where they will pay no tariff," she said. "That's the ultimate goal." Stocks rose after the announcement, with the Dow up 500 points, reports the Wall Street Journal.
The North American auto industry is highly integrated, with parts frequently crossing the US-Canada border during the assembly process, Global News notes. Ontario Premier Doug Ford recently told the AP that tariffs would force assembly lines on both sides of the border to shut down within 10 days. "People are going to lose their jobs," he said. Wednesday's delay didn't appease Ford, per CNN. Trudeau and I are "on the same page, zero tariffs and we are not going to budge."
On Tuesday, the day Trump's 25% tariffs on imports from Canada and Mexico kicked in, Commerce Secretary Howard Lutnick said Trump plans to meet the countries "in the middle" on some tariffs. Lutnick said Wednesday that Trump is considering granting some other parts of the market "relief until we get to, of course, April 2," when Trump plans to impose reciprocal tariffs. (More tariffs stories.)
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