(Zero Hedge)—Global stocks were steady overnight, with U.S. equity futures marginally higher, as sentiment improved following reports that President Trump plans to ease tariffs on foreign auto parts used in U.S.-made vehicles. The news comes as Trump marks his first 100 days in office, ahead of a rally in Michigan scheduled for this evening.
The Wall Street Journal, citing multiple sources familiar with the plans, reported that the proposed tariff rollback would offer major relief to automakers producing vehicles within the U.S. borders. These companies have been battered by the trade war due to their deeply entrenched supply chains spanning Asia and Europe.
The decision will mean that automakers paying Trump’s automotive tariffs won’t also be charged for other duties, such as those on steel and aluminum, according to people familiar with the policy.
The move would be retroactive, the people said, meaning that automakers could be reimbursed for such tariffs already paid. The 25% tariff on finished foreign-made cars went into effect early this month.
The administration will also modify its tariffs on foreign auto parts—slated to be 25% and effective May 3—allowing automakers to be reimbursed for those tariffs up to an amount equal to 3.75% of the value of a U.S.-made car for one year. The reimbursement would fall to 2.5% of the car’s value in a second year, and then be phased out altogether.
Commerce Secretary Howard Lutnick told WSJ in a statement about Trump’s move to ease the pain for automakers:
President Trump is building an important partnership with both the domestic automakers and our great American workers.
This deal will be a major victory for the president’s trade policy by rewarding companies who are already manufacturing domestically, while providing a runway to manufacturers who have expressed their commitment in investing in America and expanding domestic manufacturing.
In a separate statement to Bloomberg, Lutnick said:
This deal is a major victory for the president’s trade policy by rewarding companies who manufacture domestically while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing.
Trump’s trade war is an urgent move to shift critical supply chains out of China, either by relocating them to a friendlier shore or reshoring them.
Ford CEO Jim Farley commented on the WSJ report:
Ford welcomes and appreciates these decisions by President Trump, which will help mitigate the impact of tariffs on automakers, suppliers and consumers.
We will continue to work closely with the administration in support of the president’s vision for a healthy and growing auto industry in America. Ford sees policies that encourage exports and ensure affordable supply chains to promote more domestic growth as essential.
This news comes ahead of Trump’s trip to Michigan to celebrate the first 100 days of his second term in office. The president will speak at Macomb Community College in Warren, about 20 miles north of Detroit, around 6:00 p.m. local time.
Ahead of Trump’s first 100 days, crazed Michigan Democratic Rep. Shri Thanedar filed articles of impeachment against the president, stating:
I have introduced articles of impeachment against President Trump. When Trump ignores the Constitution, Congress, and the courts, he is not ‘fighting for America.’ He is tearing it down and endangering our democracy.
Trump’s pivot on auto tariffs represents the latest development in his ever-changing trade strategy to friend-shore or re-shore critical supply chains.
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
