Automakers to get a break on some Trump tariffs — but the outlook for the 'Big 3' is still cloudy

U.S. automakers are set to get a break on some of the sweeping tariffs President Donald Trump is imposing.

U.S. automakers are set to get a break on some of the sweeping tariffs President Donald Trump is imposing.

Yet even with the new waivers, the outlook for America's longest-lived carmakers remains cloudy, with General Motors saying Tuesday it was "reassessing" its earnings guidance in light of the uncertainty over the tariffs impact.

A White House spokesperson confirmed that automakers paying Trump’s tariffs on imported cars, which went into effect this month, will not be forced to pay other duties Trump has implemented, like those on steel and aluminum.

However, the exemptions are retroactive, meaning the firms must first pay the duties, then apply for reimbursement.

In addition, U.S.-based automakers will also be eligible for reimbursement for tariffs on foreign-made auto parts, which are set to go into effect on Saturday, May 3. Those reimbursements would be equal to 3.75% of the value of a U.S.-made car for one year, then fall to 2.5% of the car’s value in a second year, and then phased out altogether.