(Jennifer Jacobs and Jenny Leonard – Bloomberg)
The Trump administration will hold off for now on imposing new tariffs on automobile imports as top officials weigh revisions to a report on the national security implications, according to two people familiar with the matter.
President Donald Trump met with his top trade advisers Nov. 13 at the White House to discuss a draft report on a Commerce Department investigation into the impact of car imports. The people, who spoke on condition of anonymity because the meeting wasn’t publicly announced, said the administration wasn’t ready to act on tariffs and that the report would be subject to further changes.
The Commerce probe, which began in May under section 232 of the Trade Expansion Act, covers imports of automobiles, including SUVs, vans and light trucks, as well as auto parts. Commerce Secretary Wilbur Ross has until February to deliver his findings to the president, who has final say on any tariffs. Trump has threatened tariffs of as much as 25% on foreign-made vehicles. Click here to read more.