Trump delays tariffs on North American cars

Business & Economy

The Big Story

Trump exempts autos from new Canada, Mexico tariffs

Trump spoke with the leaders of Ford, General Motors and Stellantis on the heels of imposing 25 percent tariffs on all imports from Mexico and Canada on Tuesday.

Trump on Wednesday announced a one-month exemption from tariffs against Canada and Mexico for cars following a meeting with the three major U.S. automakers.

The exemption would apply to the Big Three U.S. automakers, as well as other companies with production facilities in the three North American countries.

Asked if there would be any other carve-outs to come, White House press secretary Karoline Leavitt said Trump is “open to hearing about additional exemptions.”

The one-month delay will expire in early April, when Trump has pledged to impose reciprocal tariffs on all other nations that have duties placed on American goods.

Read the full report at TheHill.com.

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The IRS workforce could be cut in half

The IRS is making a 180-degree turn in its hiring policies from the Biden to the Trump administrations.

The agency was planning to hire around 64,000 additional new employees between 2022 and 2031 under Biden administration policies after an initial $80-billion funding boost.

The Trump administration, according to media reports, has already laid off nearly 7,000 IRS employees and is planning to cut its 90,000-person workforce in half through a mix of layoffs, buyouts and attrition.

“The Treasury Department is considering a wide range of possible streamlining initiatives. While no plan has been approved to date, modernization is necessary to keep up with the process by which Americans file their taxes, including the reality that over 90 percent of individual tax returns are filed electronically,” a Treasury spokesperson told The Hill.

Tax administration experts told The Hill that this could be a drawn-out process as opposed to a fast reduction in staff.

— Tobias Burns

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