Trump Considers Ending $7,500 Electric Vehicle Tax Credit
ICARO Media Group
Trump expressed his skepticism towards tax credits and incentives, stating that they are generally not beneficial. He also mentioned his fondness for gasoline-propelled cars, hybrids, and any other emerging technologies.
If elected, Trump could take measures to reverse Treasury Department rules that have made it easier for automakers to utilize the $7,500 credit. Additionally, he might seek to repeal the credit by proposing legislation to the U.S. Congress. It is worth noting that during his presidency, Trump had initially sought to repeal the EV tax credit, but it was later expanded by President Joe Biden in 2022.
However, Trump made it clear that he has yet to make any final decisions regarding the fate of the EV tax credit. While acknowledging his appreciation for electric cars, he emphasized his inclination towards traditional fuel-powered vehicles. Furthermore, Trump expressed his intention to revoke the Biden administration's rules compelling automakers to produce more EVs and plug-in hybrids in order to meet stricter emissions standards.
In a surprising turn of events, Trump also mentioned his support for Tesla CEO Elon Musk, stating that if elected, he would consider appointing Musk to a cabinet or advisory role. This comes after Musk publicly endorsed Trump in the U.S. presidential race last month.
Moreover, Trump vowed to take steps aimed at limiting the export of vehicles by Detroit Three automakers and other companies from Mexico to the United States. He proposed the imposition of new tariffs to protect and promote American manufacturing.
During the interview, Trump also criticized Google, referring to the company as being akin to the "Wild West." However, he refrained from commenting on whether he believed the tech giant should be dismantled, despite a recent court ruling deeming it an illegal monopoly. Trump hinted that Google would face severe consequences for its alleged actions but did not elaborate on the specific penalties the company should incur.
As the presidential campaign unfolds, Trump's stance on the EV tax credit and his plans for the automotive industry will undoubtedly be closely scrutinized. The outcome of the election could determine the future of electric vehicles and the incentives provided to encourage their adoption.