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Auto makers got a boost on Monday as President Donald Trump said he wanted to help car companies during a conversation at the White House.
“I’m looking at something to help some of the car companies,” Trump said in response to a reporter’s question about what products would be included in the “short-lived” tariff exemptions the president had mentioned earlier.
Speaking in the Oval Office, Trump specifically mentioned auto makers that import some of their parts from Canada and Mexico.
“They’re gonna make them here, but they need a little bit of time, so I’m talking about things like that,” Trump said.
Stellantis (STLA+6.37%) stock was up 5.1% Monday afternoon. Ford (F+4.66%) rose 3.9% and General Motors (GM+3.46%) climbed 3.6%. Electric car maker Rivian (RIVN+5.19%) was up 4.5%, while Tesla (TSLA+1.13%) was down 0.1%.
When asked a follow-up question about whether Apple (AAPL+2.21%), which manufactures many of its products in China, would be exempted as well, Trump didn’t say no. “I’m a very flexible person,” he said. “I’ll speak to Tim Cook.” Apple stock was up 3.9% Monday afternoon.
Just a day earlier, Trump had said there would be no exemptions for products imported from China. “NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” he posted on his Truth Social app. “What has been exposed is that we need to make products in the United States, and that we will not be held hostage by other Countries, especially hostile trading Nations like China, which will do everything within its power to disrespect the American People.”
The S&P 500 was up 1.2% Monday afternoon. The Dow Jones and the Nasdaq Composite were both up 1.2.