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On Friday, local time, Republican Senator Bernie Moreno, alongside executives from the automotive industry, disclosed that U.S. President Trump is weighing the option of providing substantial tariff relief for auto production within the United States. Such a move has the potential to alleviate some of the cost burdens faced by major automakers.
Previously, the U.S. Department of Commerce had outlined plans to grant import deductions for vehicles that are assembled in the U.S. and meet specific eligibility criteria. Now, Trump is contemplating keeping the deduction rate steady at 3.75% and prolonging the deduction period to a span of five years. Additionally, he is considering broadening the scope of this deduction to encompass U.S. engine production as well. Senator Moreno expects that President Trump will arrive at a final decision in the near future.
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