In an aerial view, brand new Subaru cars sit in a storage lot at Auto Warehouse Co. on March 4, 2025 in Richmond, California.
Justin Sullivan | Getty Images
The White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.
Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement’s trade rules of origin.
“Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,” Press Secretary Karoline Leavitt said on behalf of Trump.
The American Automotive Policy Council, a trade group representing the “Big 3” Detroit automakers, applauded Trump’s decision “recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.”
Leavitt said the president is “open” to hearing requests from other industries seeking exemptions as well.
Leavitt also confirmed the “Big 3” Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.
Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.
The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump’s first term in office.
GM, Ford and Stellantis stocks
Shares of GM, Ford and Stellantis were notably up following the announcement. Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.
It was not immediately clear whether just vehicles will be exempt, or if automotive parts would also be included.
It’s also unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay. After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.
The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs. It also more closely aligns with potential vehicle tariffs on imports from outside of North America.
Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.
“We’re going to have growth in the auto industry like nobody’s ever seen,” Trump said Tuesday night before a joint session of Congress. “That’s a combination of the election win and tariffs.”
Trump erroneously touted a “new” plant investment in Indiana for Honda Motor during his speech Tuesday night. The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.
President Donald J Trump addresses a joint session of Congress as Vice President JD Vance and Speaker of the House Mike Johnson (R-LA) listen in the Capitol building’s House chamber on Tuesday, March 04, 2025 in Washington, DC.
Jabin Botsford | The Washington Post | Getty Images
Honda on Wednesday thanked the president for acknowledging the company, but confirmed it “did not announce plans for a new plant in the U.S. at this time.”
“We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,” Honda said in an emailed statement. “We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.”
The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.
There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.
Executives with France-based auto supplier Forvia on Wednesday said the company and its customers, including automakers, have been planning different contingency plans for the tariffs. That has included working with customers to reach parts agreements since the 25% tariffs took effect Tuesday.
“The whole supply chain cannot swallow 25%,” Forvia CEO Martin Fischer said during a media event. “Cars will get more expensive for consumers if tariffs continue for a long time.”
S&P Global Mobility on Tuesday predicted roughly a third of vehicle production in North America could be cut by next week due to the 25% tariffs.
The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.
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