Foreign media: White House plans to extend tariff relief measures on imported auto parts

On October 17, according to foreign media reports, the White House is preparing to ease tariffs on the US auto industry, a move that can be seen as a major victory for automakers, who have been lobbying aggressively to curb the impact of record levels of import tariffs. According to people familiar with the matter, the US Department of Commerce plans to announce that < b > it will extend an arrangement that allows automakers to reduce tariffs on imported parts for five years . The provision was originally scheduled to expire in two years. The relevant announcement could be released as early as Friday, the sources said, but also pointed out that there has been a delay in similar tariff announcements. The policy is expected to be detailed in government documents, along with the formal implementation of tariffs on imported trucks. The move comes after months of lobbying by automakers, including Ford and General Motors, to secure exemptions from the tariffs imposed by Trump. U.S. automakers face higher costs from tariffs on imported vehicles, parts and raw materials such as steel and aluminum. GM rose as much as 3.8 percent after the news was announced, and shares of Ford and Stellantis (STLA. N) also rose.