WASHINGTON, D.C. — The Trump Administration has taken steps to dissuade the purchase of foreign-made cars through tariffs, while encouraging the sale of American-made automobiles. One of those incentives signed into law by President Donald Trump this summer allows people who buy new vehicles assembled in the U.S. to deduct up to $10,000 of interest payments on their car loans annually.

What You Need To Know • President Donald Trump signed legislation in July allowing Americans who purchase US-made cars to deduct up to $10,000 of interest payments on their car loans annually • The deduction is available at least in part, to individual filers reporting income of up to $150,000 a year and joint filers reporting up to $250,000 in income • According to Edmunds, the average car loan inter

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