Commerce Secretary Howard Lutnick announced a deal to ease auto tariffs, highlighting it as a key achievement in the President's trade policy by incentivizing domestic manufacturing. The new tariff structure aims to prevent additional tariffs on existing ones, currently set at 25% for imported cars, steel, and aluminum, with a similar rate expected for auto parts soon. Although details of the agreement remain undisclosed, it promises retroactive changes, potentially allowing automakers to receive refunds for previous tariffs. President Trump, known for fluctuating tariff policies, plans to announce these changes during a visit to Michigan, a major hub of the American auto industry. The situation is evolving, with further updates anticipated as new information becomes available.

Howard Lutnick confirmed an agreement with automakers to ease tariffs, labeling it a victory for trade policy that supports domestic manufacturing and investment in America.

The new tariff structure aims to prevent additional tariffs on existing ones, currently imposing a 25% rate on imported cars, steel, and aluminum, with a similar rate for auto parts set to begin shortly.

While the specifics of the deal were not disclosed, it includes retroactive changes, potentially allowing automakers to reclaim tariffs previously paid.

President Trump, who has a history of altering tariff policies, is expected to announce these changes during a visit to Michigan, a critical state for the auto industry.

The agreement could lead to significant adjustments in the automotive market, but the President's past inconsistencies on tariffs suggest potential for future policy reversals.