U.S. President Donald Trump will delay his decision on whether to impose tariffs on imported cars for as long as six months and will exempt South Korea from new levies.
Bloomberg reported Thursday that Trump will give Japan and the EU 180 days to "limit or restrict" car and parts imports into the U.S., according to a draft executive order.
The draft also said South Korea, Canada and Mexico are exempt from future tariffs, with South Korea's exemption coming after the two countries renegotiated their FTA.
The report comes after administration officials told Reuters that President Trump will make a formal announcement on Saturday -- the original deadline for the decision on whether to impose auto tariffs of as much as 25 percent.
A U.S. Commerce Department report in February claimed auto imports were a threat to national security as they stop domestic producers from investing in new technology.