• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
FinanceTariffs

Trump will sign an executive order softening the tariff impact for automakers

By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
April 29, 2025, 11:57 AM ET
Trump will provide some tariff shelter for automakers.
Trump will provide some tariff shelter for automakers.Anna Barclay/Getty Images
Add Fortune on Google for similar content.
  • Trump will sign an executive order regarding auto tariffs Tuesday afternoon. The agreement is expected to prevent tariffs from “stacking,” which would benefit manufacturers. Consumers will still see price increases, though.

The auto industry can breathe a little easier when it comes to tariffs.

Recommended Video

President Trump plans to sign an executive order that will give car and truck manufacturers some relief from import tariffs, amid fears those levies would impact U.S. factories.

While the 25% tariffs will remain in place on imported vehicles and auto parts, they will be modified to ensure they don’t “stack” on top of other tariffs, such as those on aluminum or steel. Automakers will not have to pay tariffs on those widely used products.

At the same time, automakers will be reimbursed for some of the cost of tariffs on some imported auto parts. That compensation will work out to 3.75% of the value of a U.S.-made car for the first year, 2.5% of the value for the second year, then it will be phased out, according to a report in the Wall Street Journal.

White House press secretary Karoline Leavitt said at a Tuesday briefing that Trump will sign an order regarding auto tariffs later this afternoon before he travels to Michigan for a rally observing his first 100 days in office. She did not go into detail about the order, however.

The 25% tariff on imported cars took effect April 3. The tariff on imported parts is scheduled to go into effect on Saturday, May 3.

The auto industry has been lobbying the Trump administration for relief on tariffs for weeks. In a letter to the White House, a collection of lobbyists, including the Alliance for Automotive Innovation, wrote that Trump “has indicated an openness to reconsidering the administration’s 25 percent tariffs on imported automotive parts—similar to the tariff relief recently approved for consumer electronics and semiconductors. That would be a positive development and welcome relief.”

Even with the block on tariff stacking, consumers can expect to pay thousands of dollars more for new and used cars in the coming months. Repair costs and insurance premiums will also likely increase.

About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Young couple looking sad in front of a home with a for sale sign
Real EstateHousing
Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home
By Tristan BoveJune 30, 2026
3 hours ago
Russian President Vladimir Putin
EconomyRussia
It started with one viral influencer complaining about Russia’s economy. Now a record 60% of Russians are pessimistic about their country’s outlook
By Tristan BoveJune 30, 2026
5 hours ago
Stripe CEO Patrick Collison gestures with his hands as he speaks into a microphone before a congressional committee hearing.
Cryptostablecoins
Stripe, Visa and over 140 other businesses to launch stablecoin to rival Tether and Circle
By Camila Grigera NaónJune 30, 2026
5 hours ago
A woman types into a kiosk at an airport.
Travel & LeisureAviation
‘You can expect prices to be high and stay high’: Domestic airfare is skyrocketing faster than international flight costs, despite using less jet fuel
By Sasha RogelbergJune 30, 2026
6 hours ago
Young worker at desk
SuccessGen Z
Remote-first fintech giant Revolut is making the office compulsory for new Gen Z grads—and they’ll earn flexibility like their peers after one year
By Emma BurleighJune 30, 2026
6 hours ago
mill
InvestingWealth
America added more than 1,200 millionaires per day in 2025, but the heyday of the ‘everyday millionaire’ is already over
By Nick LichtenbergJune 30, 2026
6 hours ago

Most Popular

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
1 day ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
3 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
24 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
3 days ago
Current price of oil as of June 29, 2026
Personal Finance
Current price of oil as of June 29, 2026
By Joseph HostetlerJune 29, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.