- The Trump administration plans to delay auto tariffs by up to six months, according to multiple news outlets.
- The reports sent shares of Ford, General Motors, Tesla, and Daimler higher on Wednesday.
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The Trump administration plans to delay auto tariffs by up to six months, multiple news outlets reported on Wednesday, citing anonymous sources. The reports sent auto stocks higher on Wednesday.
President Donald Trump is expected to delay tariffs on auto imports, Bloomberg initially reported, citing US officials. Reuters and CNBC later reported the same plan was expected, citing three administration officials and four sources, respectively.
The headlines sent shares of Ford and General Motors higher in midday trading; Ford rose as much as 1.6% while General Motors rose as much as 1.4%. Elsewhere in the auto space, Daimler shares went positive on the session. Tesla rose off its session lows, though remained in negative territory.
Wednesday’s reports come at a tense moment for US-China relations as the trade war between the two world powers escalated this week.
In a retaliatory measure, China on Monday said it would raise tariffs on about $60 billion worth of US goods. That followed President Donald Trump’s announcement last Friday that the US would more than double the duty on roughly $200 billion in Chinese imports.
This story is developing. Check back for updates.