Trump Signs Proclamation to Provide Tariff Relief on Auto Parts

BlockBeats News, April 30th: On April 29th, President Trump of the United States signed a proclamation allowing for some compensation to be given to automakers who import car parts or assemble cars in the U.S. This latest move reflects the continuous opposition from various sectors in the U.S. to the government's tariff policies, putting increasing pressure on the government.

According to the proclamation, this compensation is intended to offset some of the tariffs on U.S.-assembled car parts, with the compensation amount reaching up to 3.75% of the car's retail price, a cap that will decrease to 2.5% of the car's retail price in the second year.

Trump had previously announced a 25% tariff on imported cars, which officially took effect on April 3rd, while the measure to impose a 25% tariff on key car parts is scheduled to take effect on May 3rd. (Xinhua News Agency)