Auto stocks rise as Trump says he wants to ‘help’ some car companies

Trump said the auotmakers “need a little bit of time” to move of their production to the U.S.

The gains pushed stocks such as Ford Motor, General Motors and Chrysler parent Stellantis higher, swinging from trading level or negative to being up between 1% and 4%. Shares of Rivian Automotive also were up 3%, while shares of Tesla were off by roughly 2%.

Trump’s comments come roughly a week and a half after he implemented automotive tariffs on imported vehicles of 25% on April 3.

Despite reducing tariffs on most countries last week and giving tech companies such as Apple exemptions from the levies over the weekend, the automotive tariffs have remained in effect.

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