U.S. Senator says Trump is considering significant tariff reductions for American automobile production

Jinse Finance reported, citing foreign media, that on Friday local time, Republican Senator Bernie Moreno and automotive industry executives stated that U.S. President Trump is considering offering substantial tariff reductions for U.S. automobile production. This move could effectively eliminate a significant portion of the costs currently borne by major automakers. Moreno said, "This sends a signal to global car companies: as long as you complete final assembly in the United States, we will reward you. For Ford, Toyota, Honda, Tesla, and General Motors—these are almost the top five localized manufacturers in order—they will be exempt from tariff impacts." In June this year, the U.S. Department of Commerce stated that it planned to provide import deductions for eligible vehicles assembled in the U.S., amounting to 3.75% of the suggested retail price, effective until April 2026, and then adjusted to 2.5% the following year to address tariffs on imported auto parts. Moreno and automotive industry executives said that Trump is considering maintaining the deduction rate at 3.75% and extending it to five years, while also expanding the scope to include U.S. engine production. Moreno stated that he believes Trump will make a final decision soon.