Trump: Consider eliminating tariffs on auto parts

According to CCTV News, quoting CNN News, on April 14, local time, US President Trump said that he is considering providing US automakers with tariff exemptions for imported parts to help them switch to parts produced in the United States. Trump said it does take a little time for those car companies to build in the United States. "I'm looking at some measures to help some car companies." "I haven't changed my mind, but I'm flexible," Trump said in the Oval Office. He did not specify how long the potential exemption or reduction of tariffs on imported cars and some auto parts would last. Shares of GM, Ford and Stellantis reversed losses after Trump's remarks, rising 3.46 percent, 4.07 percent and 5.64 percent, respectively. Dan Ives, a star analyst at Wedbush, said tariffs on auto parts make it almost impossible for companies such as Detroit's Big Three GM, Ford and Stellantis to manage and change complex auto supply chains because more than 40 percent of auto parts come from abroad. He added that supplier deals are often struck years in advance, and that it can take four to five years to build many factories and production centers in the United States, "the concept of an 'American-made car' with all parts coming from the United States is a fairy tale."