Automakers would receive credits for up to 15% of the value of vehicles assembled in the U.S. that could be applied against the value of imported parts, Lutnick told reporters. Autos and parts subject to the 25% Section 232 autos tariffs would no longer be subject to other tariffs imposed by Trump,

President Trump is set to take action Tuesday to offer some relief to automakers from the effects of his steep tariffs.

World stocks and the dollar nudged up on Tuesday after U.S. President Donald Trump's administration said it planned to reduce the impact of auto tariffs, a further sign of flexibility on a trade policy that has wreaked havoc on markets in April.

In Trump’s first one hundred days, the dollar has weakened 9%, a mirror image of Reagan’s first 100 days, explains Bloomberg Opinion columnist John Authers. (Source: Bloomberg)

Trump’s second term has seen a significant increase in executive orders, with more than 140 signed in his first 100 days, and a decline in his approval rating.

In his first 100 days, President Donald Trump exerted his power in a sweep and scale that has no easy historical comparison.