WASHINGTON (AP) — President Donald Trump says he might temporarily exempt the auto industry from tariffs he previously imposed on the sector, to give carmakers time to adjust their supply chains. Trump told reporters gathered in the Oval Office on Monday automakers “need a little bit of time” to relocate production to the U.S. The Republican president’s statement hints at yet another round of reversals on tariffs. Trump’s onslaught of import taxes has panicked financial markets and raised deep concerns from Wall Street economists about a possible recession. The chief economist for the Northern Trust global financial firm warns damage to consumer, business and market confidence may be irreversible.
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