President Donald Trump is providing some relief to automakers reeling from his steep 25% tariffs imposed on foreign cars and auto parts. Trump, under a proclamation he signed April 29, is offering auto companies credits for a portion of the tariffs on auto parts that they import to build vehicles in the U.

"Well, they did sign up for it, actually. And this is what I campaigned on," Trump said of the "reciprocal" tariffs he imposed.

President Donald Trump will soon announce moves to reduce the impact of his tariffs on the U.S. auto industry, a top Trump administration official confirmed late Monday.