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President Trump changes plans on auto tariffs to help domestic automakers

President Donald Trump has adjusted his auto tariffs in an effort to give automakers more time to make their cars in the U.S.

President Trump changes plans on auto tariffs to help domestic automakers

President Donald Trump has adjusted his auto tariffs in an effort to give automakers more time to make their cars in the U.S.

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President Trump changes plans on auto tariffs to help domestic automakers

President Donald Trump has adjusted his auto tariffs in an effort to give automakers more time to make their cars in the U.S.

President Donald Trump signed executive orders Tuesday, making changes to his auto tariffs in an effort to relieve the economic burden on automakers. The move gives companies more time to manufacture cars, start to finish, in the U.S.The president's order offers rebates on domestically assembled vehicles for the next two years and applies to domestic manufacturers facing a 25% tax on imported auto parts and 25% tariffs on imported steel and aluminum."We just wanted to help them during this little transition, short term," Trump said to reporters Tuesday.He later emphasized that the change was not a shift in policy but rather "a little flexibility."The president also made a number of other claims at a Michigan rally Tuesday night, citing a number of items that he says are cheaper because of his policies."It is the most successful first 100 days of any administration in the history of our country," Trump said at the rally.During his remarks, Trump mentioned mortgage rates, which are about 0.2% less than when he took office in January. But rates were also lower before his announced tariffs, which unsettled bond markets that help determine mortgage rates.Other claims from the president, such as decreasing grocery store prices, are also not supported by data. Prices have only gone up since he has been in office. He claimed eggs, for example, were 87% cheaper, but, while wholesale egg prices have gone down, what consumers pay on average went from around $5 to more than $6 last month.The president also repeated a claim that the average for gas in three states is under $2. But the national average for gas is currently $3.18, with the lowest state average being $2.66 in Mississippi, according to AAA. Critics, largely Democrats, have argued that many are already feeling the pain of the tariffs."He said on day one that he was going to reduce the cost to American families and improve the quality of life," Sen. Angela Alsobrooks, D-Maryland, said. "Only 100 days later, Americans have only seen reductions in the stock market and their 401(k)s and lowered respect for the Constitution."Experts are also exercising caution, awaiting crucial economic data to assess the short- and long-term impacts of Trump's polices."The only word you can use for the state of the economy is uncertainty," Scott Lincicome, an economist at the CATO Institute, said. "It's just impossible to place firm bets on where we're going to be in six months."New government data released Wednesday morning showed the economy shrunk (GDP -0.3%) for the first time in three years because of a surge in imports ahead of President Trump's tariffs taking effect.Economists are also watching the latest consumer confidence survey, which declined for a fifth straight month, reaching its lowest point since the pandemic. More economic data, including the monthly jobs report, is expected later this week.

President Donald Trump signed Tuesday, making changes to his auto tariffs in an effort to relieve the economic burden on automakers. The move gives companies more time to manufacture cars, start to finish, in the U.S.

The president's order offers rebates on domestically assembled vehicles for the next two years and applies to domestic manufacturers facing a 25% tax on imported auto parts and 25% tariffs on imported steel and aluminum.

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"We just wanted to help them during this little transition, short term," Trump said to reporters Tuesday.

He later emphasized that the change was not a shift in policy but rather "a little flexibility."

The president also made a number of other claims at a Michigan rally Tuesday night, citing a number of items that he says are cheaper because of his policies.

"It is the most successful first 100 days of any administration in the history of our country," Trump said at the rally.

During his remarks, Trump mentioned than when he took office in January. But rates were also lower before his announced tariffs, which unsettled bond markets that help determine mortgage rates.

Other claims from the president, such as , are also not supported by data. Prices have only gone up since he has been in office. He claimed eggs, for example, were 87% cheaper, but, while wholesale egg prices have gone down, what consumers pay on average

The president also repeated a claim that the average for gas in three states is under $2. But the , with , according to AAA.

Critics, largely Democrats, have argued that many are already feeling the pain of the tariffs.

"He said on day one that he was going to reduce the cost to American families and improve the quality of life," , D-Maryland, said. "Only 100 days later, Americans have only seen reductions in the stock market and their 401(k)s and lowered respect for the Constitution."

Experts are also exercising caution, awaiting crucial economic data to assess the short- and long-term impacts of Trump's polices.

"The only word you can use for the state of the economy is uncertainty," , an economist at the CATO Institute, said. "It's just impossible to place firm bets on where we're going to be in six months."

New government data released Wednesday morning showed the (GDP -0.3%) for the first time in three years because of a surge in imports ahead of President Trump's tariffs taking effect.

Economists are also watching the latest consumer confidence survey, reaching its lowest point since the pandemic.

More economic data, including the monthly jobs report, is expected later this week.