US tax tailwind could be countered by tariff fallout

The US automotive industry is bracing for trouble as the Trump Administration's protectionist trade measures shift up a gear. Following a brief period of exemption, the US government is now extending increased tariffs to steel and aluminium imports from Canada, Mexico and the European Union (EU). These regions were granted temporary waivers from the hike when it was first announced in March. As of 1 June they are now subject to the higher rates of 25% for steel and 10% for aluminium.