Automakers climb on Trump’s suggestion of tariff relief for car companies
Speaking to reporters on Monday, President Trump suggested that some form of tariff relief could be coming for car companies, which have already been responding to the levies with a combination of price hikes, layoffs, and production shifts.
“I’m looking at something to help some of the car companies... They’re switching to parts that were made in Canada, Mexico, and other places. And they need a little bit of time, because they’re gonna make them here,” Trump said.
Shares of automakers like GM, Ford, and Stellantis spiked on the announcement. Additional tariffs on auto parts are set to take effect on May 3.