Reuters/Rebecca Cook
- 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.
- Visit Markets Insider for more stories.
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, with the two automakers rising by as much as 1.6% and 1.4%, respectively.
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 report comes at a tense moment for US-China relations as the trade war between the two world powers escalated this week. China on Monday said it would implement tariffs on about $60 billion worth of US goods, in a retaliatory measure that followed President Donald Trump’s
This story is developing. Check back for updates.
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Source: Business Insider – rungarino@businessinsider.com (Rebecca Ungarino)