What’s the old saw about government will break your legs and then expect you to be grateful when they give you a wheelchair. From Tyler Durden at zerohedge.com:
On Tuesday morning, U.S. Commerce Secretary Howard Lutnick provided clarity on the highly anticipated auto tariff relief, confirming it will apply to all U.S.-built vehicles.
Lutnick said tariffs will apply to those produced by foreign automakers with plants in the US. He added that the relief would be phased in over three years, giving manufacturers time to shift their supply chains back to the U.S.
Headlines:
- LUTNICK: TARIFF RELIEF AVAILABLE TO ALL U.S.-BUILT VEHICLES
- LUTNICK: TARIFF WILL APPLY TO FOREIGN CAR MAKERS BUILDING CARS IN THE U.S
- LUTNICK: TARIFF RELIEF TO BE PHASED IN OVER THREE YEARS TO ALLOW AUTOMAKERS TO PRODUCE SUPPLY CHAINS IN THE U.S.
- LUTNICK: ALL CARS THAT ARE FINISHED IN U.S. THAT HAVE 85% DOMESTIC CONTENT WILL HAVE NO TARIFFS
- LUTNICK: MANUFACTURERS OF U.S.-BUILT AUTOS WILL GET 15% OFFSET FOR VALUE OF THOSE VEHICLES AGAINST PARTS IMPORTS
- LUTNICK: AUTO MANUFACTURERS WILL PICK THE HIGHEST TARIFF THAT COMES WITH THEIR GOODS AND THEY WILL ONLY PAY ONE
- LUTNICK: AUTO MAKERS WILL PAY EITHER STEEL OR AUTO TARIFF, WHICHEVER IS HIGHER
- LUTNICK: TWO YEARS WAS AGREED TIME TO GIVE MANUFACTURERS SUFFICIENT TIME TO BUILD UP SUPPLY CHAIN
- LUTNICK: THERE IS NO THIRD YEAR OF RELIEF
Once more government fools think they can make something ridiculously complex, yet better.