U.S. senators say Trump is considering significant tariff relief for U.S. auto production

On October 4th, according to foreign media reports, on Friday local time, Republican Senator Bernie Moreno and auto industry executives said that US President Donald Trump is considering providing significant tariff relief for US auto production, a move that could effectively eliminate a considerable part of the costs currently borne by large automakers. Moreno said, "This sends a signal to the global auto companies: as long as you complete the final assembly in the United States, we will reward you. For Ford, Toyota, Honda, Tesla, GM - these are the top five locally produced automakers in almost order - they will be exempt from the tariff shock." In June, the commerce department said it planned to offer an import credit equivalent to 3.75 per cent of the suggested retail price for eligible vehicles assembled in the US until April 2026 and then 2.5 per cent the following year in response to tariffs on imported car parts. Mr. Moreno and auto executives said Mr. Trump was considering keeping the deduction at 3.75 per cent and extending it to five years, while extending it to US engine production. Mr. Moreno said he expected Mr. Trump to make a final decision soon.