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.

U.S. President Donald Trump said on Wednesday that Americans should be patient in the face of a first quarter economic contraction, arguing that his tariffs would eventually lead to a boom in the U.S.

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