Shares of global carmakers rose on Tuesday after Donald Trump signalled there would be “help” for the industry, in a climbdown from the steep tariffs he imposed on imported cars.
“I’m looking at something to help some of the car companies,” Trump said on Monday in Washington, adding they “need a little bit of time” before they can start making parts in the US rather than in countries such as Canada and Mexico. Japanese groups are the largest car producers in Mexico.
Shares in Toyota, Honda and Tata Motors rose 4.8 per cent, 4 per cent and 4.5 per cent, respectively, on Tuesday following Trump’s comments.
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