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The White House is delaying auto tariffs while it puts together a report on the impact that imported vehicles have on national security, according to a Bloomberg report.
Trump administration officials met Tuesday to discuss the draft that stems from a Commerce Department investigation into the matter. The final report is likely to undergo changes before President Donald Trump orders the duties, Bloomberg reported, citing two sources close to the matter.
The president has threatened to slap 25 percent levies on imported autos, light trucks, vans, SUVs and parts. Automakers including big U.S. names like Ford and GM worry that the tariffs will increase costs by nearly $7,000 for imports and more than $2,000 even for domestically produced vehicles.
Shares of most automakers moved higher in Wednesday morning trade.
If the tariffs are implemented, they would come under the same provisions that allowed the administration to hit imported steel and aluminum with duties earlier in the year. The administration also has slapped tariffs on $200 billion worth of various Chinese imports.
Commerce Secretary Wilbur Ross must deliver the department's report to Trump by February. The president then will have 90 days to weigh whether the imports are a national security threat and should be subject to tariffs.
For the full Bloomberg report, go here.