President Trump has given automakers a one-month exemption from his new tariffs on Mexico and Canada after industry leaders appealed for relief. The White House announced Wednesday that cars and parts meeting USMCA requirements won’t face tariffs until April 2.
This decision followed Tuesday meetings between Trump officials and the CEOs of Ford, GM, and Stellantis. The delay gives automakers time to plan shifting more production to the United States – a key Trump priority.
When Bloomberg first reported the possible exemption, auto stocks jumped dramatically. Stellantis saw its biggest gain since 2022, rising 9.2%, while GM increased 7.2% and Ford climbed 5.8%.
The auto industry may not be alone in getting relief. Agriculture Secretary Brooke Rollins revealed the administration is also considering exempting certain farm products from the Canada-Mexico tariffs.