I'm looking at something to help the car manufacturers with that. They're switching to parts manufactured in Canada, Mexico, and other places, and they need a little time, because they're going to manufacture them here, says Trump to reporters in the Oval Office on Monday.
The President was asked about which tariff exemptions he is considering, but he doesn't specify how long a potential exemption or reduction of tariffs would apply.
Trump's comment could potentially mean relief for car manufacturers who are suffering from his tariffs on imported cars and light trucks, but creates further uncertainty around his tariff plans.
After Trump's statement, the stock prices of car manufacturers General Motors, Ford, and Stellantis rose after previous declines.
On April 3, Trump's previously announced tariffs of 25 percent on all vehicle imports were introduced, and he signaled the same tariff rate for parts as of May 3.
