Live from NPR News in Washington, I'm Giles Snyder.
A 25% tariff on imported auto parts is now in effect.
President Trump has offered automakers a partial reprieve, but as NPR's Camila Dominovsky reports,
the tariffs are still expected to have a major impact on the auto industry.
This week,
President Trump announced that automakers importing foreign parts for U.S.-built cars could get reimbursed for some tariffs,
temporarily,
in recognition of the fact that it's not possible to build a car with exclusively U.S. parts right now.
The industry welcomed the changes,
but the tariffs are still expected to cut profits and drive up prices.
The reprieve doesn't extend to anyone buying parts for repairs,
so the tariff will make it more costly to maintain existing cars,
as well as sending insurance prices, which have been rising for several years, up even higher.
Camilla Dominovsky, NPR News.
Trump's tariffs are expected to be on the agenda as Berkshire Hathaway CEO Warren Buffett hosts his annual shareholder meeting today in Omaha.
Buffett, one of the world's most closely watched investors,
he's expected to take the stage this hour.
President Trump is downplaying concerns about an economic slowdown.
In an interview for NBC's Meet the Press, Trump said he is not worried about a recession.
But NPR's Tamara Keith reports he also acknowledged there could be short-term pain for the country.