U.S. President Donald Trump will give Japan and the EU 180 days to agree to a deal that would "limit or restrict" imports into the U.S. of automobiles and their parts in return for delaying new auto tariffs, according to a draft executive order seen by Bloomberg.
According to the order, which people familiar with the matter say Trump is expected to sign this week, the administration has determined that imports of cars into the U.S. present a threat to national security because they have hurt domestic producers and their ability to invest in new technologies.
General Motors Co., Volkswagen AG, Toyota Motor Corp. and others have warned of the damaging impacts of imposing tariffs of up to 25 percent on imported cars and parts.