美国汽车零部件关税报销机制

Mechanics of the US auto partstariffreimbursement Key Takes: 1. OEMs can receivetariffreimbursements for the25% auto partstariffspaid on US-made vehicles; 2.Offsetofup to 3.75% of MSRP in year 1, 2.5% in year 2, then phasedout; 3. Reimbursement covers Sec 232 auto partstariffsonly,not Sec 232 complete vehicletariffs/othertariffs. U.S. Autos & MobilityNEGATIVE U.S. Autos & Mobility Dan Levy+1 212 526 3212dan.levy@barclays.comBCI, US Josh Cho+1 212 526 7156joshua.cho@barclays.comBCI, US We appreciate your 5-star vote in the 2025 Extel All-America Research Survey in the Autos &Auto Parts category.View our analysts » On Friday the Department of Commerce announced1the procedures for OEMs to apply for anduse the partstariffreimbursement for American made cars. Recall, thetariffreimbursementswere announced in late-April2alongside a reprieve on stackingtariffs. OEMs can requesttariffreimbursements ("import adjustmentoffset")for partstariffspaid oneligible vehicles (assembled in the US) for up to: •3.75% of aggregate MSRP for vehicles assembled between April 3, 2025 and April 30, 2026••2.5% of aggregate MSRP for vehicles assembled between May 1, 2026 and April 30, 2027••NooffsetsgeneratedafterApril 30, 2027• The reimbursements can be used tooffsetthe 25% Sec 232 auto partstariff,and can be carriedforward indefinitely until completely used. Reimbursements, however, cannotoffsetSec 232completed vehicletariffs,or any othertariffsimpacting autos (i.e. 25% CA/MX IEEPAtariffs,50%steel/aluminumtariffs).Reimbursements also cannot be traded, sold, or transferred. The rebatemakes US-assembled vehicles with ~85% USMCA contenttariff-free–effectivelymaking many ofthe US-produced vehicles from OEMs in our coveragetariff-freefor now. To receive the import adjustment, OEMs must submit a number of documents for each period(Apr'25-Apr'26, May'26-Apr'27) including: •Production forecasts: Number of vehicles projected to be produced in the US by make, model,•and plant Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Please see analyst certifications and important disclosures beginning on page 3. •MSRP: Aggregate MSRP of all vehicles assembled in the US••TariffLiability Estimate: Projectedtariffliability split betweentariffsincurred directly by the•OEM andtariffsincurred by the OEM's suppliers•Offsetcalculation: Requestedtariffreimbursement••Other data including importers of record, certification, and additional information• FIGURE 1. Auto PartsTariffSummary Source: Barclays Research (based on gov't sources) For more ontariffs,we encourage investors to take a look at our map of the North Americavehicle manufacturing footprint, as well as our prior reports, including the following: •The launch of a new US capex cycle, and a refresher of the US autotariffenvironment•(6/13/2025)•Re-highlighting auto steel / aluminum exposure in autos (6/2/2025)••Autos Policy Updates - autostariffsremain, but expected changes emerging on EV•mandate (5/13/2025)•Updating our framework for gauging OEMtariffimpact; model attached (4/30/2025)••Trump set tosoftentariffson auto parts (4/29/2025)••Autotarifffeedback (4/25/25)••"DayAfter"tarifftakes (4/4/25)••Early Liberation daytarifftakes (4/3/25)••FAQs on AutoTariffs(3/27/25)••Supplier exposure (3/20/25)• Analyst(s) Certification(s):I, Dan Levy, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of