By Caitlin McCabe
Auto stocks rose Tuesday after the Trump administration agreed to delay imposing new tariffs on Mexico and Canada, offering relief to an industry that relies heavily on both countries for manufacturing.
General Motors $(GM)$ and Ford Motor $(F)$ shares advanced modestly in premarket trading. In Europe, shares in Volkswagen and Stellantis also stood slightly higher.
Auto stocks had fallen Monday in volatile trading.
The Trump administration said Saturday it would place 25% tariffs on goods from Mexico and Canada-only to then put those plans on hold following calls with both countries' leaders.
The stakes are high for the industry, since most automakers use Mexico and Canada to manufacture vehicles and parts for the U.S. market. Auto companies had hoped Trump's plans would include a carve-out for cars that comply with the North American free-trade deal. So far, however, those exemptions haven't been included.
In Asia, shares in Japan's Toyota, Nissan and Honda all advanced. The three produce vehicles in Mexico and export some to the U.S.
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(END) Dow Jones Newswires
February 04, 2025 07:31 ET (12:31 GMT)
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