US President Donald Trump said he would temporarily spare carmakers from a new 25% import tax imposed on Canada and Mexico, just a day after the tariffs came into effect. The announcement came as Trump continued to blast Canada for not doing enough to stop drugs from entering the US. The tariff exemption is for cars made in North America that comply with the continent’s existing free trade agreement. Shares in Ford, General Motors, and Stellantis rose following the announcement. The new tariffs were poised to disrupt a third of car production in North America within a week, according to analysts at S&P Global Mobility.
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