Trump considers pausing his auto tariffs as the world economy endures whiplash [View all]

Source: CTV National News

WASHINGTON — U.S. President Donald Trump on Monday suggested that he might temporarily exempt the auto industry from tariffs he previously imposed on the sector, to give carmakers time to adjust their supply chains.

“I’m looking at something to help some of the car companies with it,” Trump told reporters gathered in the Oval Office. The Republican president said automakers needed time to relocate production from Canada, Mexico and other places, “And they need a little bit of time because they’re going to make them here, but they need a little bit of time. So I’m talking about things like that.”

The statement hinted at yet another round of reversals on tariffs as Trump’s onslaught of import taxes has panicked financial markets and raised deep concerns from Wall Street economists about a possible recession.

Carl Tannenbaum, chief economist for the Northern Trust global financial firm, said the whiplash had been so great that he might have to “get fitted for a neck brace.”

Read more: https://www.ctvnews.ca/world/trumps-tariffs/article/trump-considers-pausing-his-auto-tariffs-as-the-world-economy-endures-whiplash/