GM also voiced praise for the move. "We're grateful to President Trump for his support of the U.S. automotive industry and the millions of Americans who depend on us. We believe the President's leadership is helping level the playing field for companies like GM and allowing us to invest even more in the U.S. economy," the company told ABC News in a

"President Trump has had meetings with both domestic and foreign auto producers, and he's committed to bring back auto production to the US. We want to give the automakers a path to do that quickly, efficiently and create as many jobs as possible," Bessent said. ????????????  

Speaking at the White House on Tuesday, Treasury Secretary Scott Bessent touted the tariff adjustment as a means of ensuring carmakers bring manufacturing to the U.S. ?????  

Trump's 25% tariff on foreign auto parts goes into effect on Saturday and automakers will also be reimbursed for those tariffs up to an amount equal to 3.75% of the value of a U.S.-made car for one year. Reimbursement would fall to 2.5% of the car's value in a second year, and then completely phased out altogether. ????? ???????

An administration official confirmed that the 25% tariff on finished foreign-made cars and parts will remain -- but today's announcement will prevent tariffs from stacking on top of other tariffs he's imposed, such as duties on steel and aluminum. ????????????