Trump imposing new 25% large truck tariff starting Nov. 1 [View all]
By David Shepardson
WASHINGTON (Reuters) -President Donald Trump said Monday that all medium- and heavy-duty trucks imported into the United States will face a 25% tariff rate starting November 1, a significant escalation of his effort to protect U.S. companies from foreign competition.
Trump last month had said heavy truck imports would face new duties on Oct. 1 on national security grounds, saying the new tariffs were to protect manufacturers from "unfair outside competition" and that the move would benefit companies such as Paccar-owned Peterbilt and Kenworth and Daimler Truck-owned Freightliner.
Under trade deals reached with Japan and the European Union, the United States has agreed to 15% tariffs on light-duty vehicles but it is not clear if they will face that rate for larger vehicles.
The Trump administration has also allowed producers to deduct the value of U.S. components from tariffs paid on light-duty vehicles assembled in Canada and Mexico.
https://www.msn.com/en-us/money/news/trump-imposing-new-25-large-truck-tariff-starting-nov-1/ar-AA1NYaUZ
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