U.S. Announces Extension of Tariff Relief for Automobile, Auto Parts Tariffs

The U.S. Government will be extending current tariff relief programs for automobile and auto parts tariffs, reports NBC News.

The move comes after an executive order was signed in April to keep automobile and auto parts tariffs from stacking on top of one another, as well as providing relief from separate tariffs on steel and aluminum.

With the most recent announcement, the existing tariff offset program has been extended from two years to five.

Automotive manufacturers have strongly urged for such relief, which comes as plans for trade policy restructuring continue to be revised by the government.

“We see there’s a lot of upside depending on how the negotiation goes with the administration,” Ford CEO Jim Farley said in July. “We’re in daily contact with them and, at this point, I would say they’re very productive conversations.”