Trump Spares Car Industry From New Tariffs Placed On Mexico and Canada
US President Donald Trump has granted temporary relief to automakers from the new 25% import tax on goods from Canada and Mexico, just one day after the tariffs were implemented. The White House announced the exemption while Trump continued criticizing Canada for allegedly failing to prevent drugs from entering the US. "Nothing has convinced me that it has stopped," Trump posted on social media following a call with Canadian Prime Minister Justin Trudeau about the economic disruption caused by the tariffs. The relief announcement helped US stock markets recover, with shares closing higher after two days of declines that had erased post-election gains in the S&P 500. The tariff exemption applies to vehicles manufactured in North America that comply with existing free trade agreement rules, which specify how much of a car must be produced in each country to qualify […]