U.S. President Donald Trump is weighing exempting tariffs on some products from Canada and Mexico, with an announcement expected on Wednesday, according to Commerce Secretary Howard Lutnick.

“It will be 25%,” for the tariff level, Lutnick told Bloomberg Television on Wednesday, “but there will be some categories left out. It could well be autos, it could be others as well,” he said.

Tariff relief would be for goods compliant with the United States-Mexico-Canada Agreement, or USMCA, trade agreement, Lutnick said.

Auto stocks jumped in morning trading Wednesday. Stellantis rose 7%; Toyota rose 6%; GM and Honda rose 4%; Ford rose 3%; Volkswagen rose 2%; Lucid rose 1%; while Tesla fell 0.3%.

US President Donald Trump on Tuesday said he wanted to make interest payments on car loans tax deductible – but only for vehicles made in America. 

Trump previously floated the idea at a November rally in North Carolina, according to Reuters. It’s among several proposed tax breaks from Trump, along with an end to taxes on tips, overtime pay, and Social Security benefits.

"The next phase of our plan to deliver the greatest economy in history is for this Congress to pass tax cuts for everybody," Trump said during a formal address.

Last week, the House narrowly advanced the GOP plan for Trump’s legislative agenda, kickstarting a process that could extend Trump's 2017 tax cuts and new cuts worth $4.5 trillion over the next decade.  

It's unclear how Trump's tax relief for auto loan interest would play out. An unlimited, above-the-line deduction could cost up to $10 billion per year, according to estimates from the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution.