Trump to Exempt Auto Parts and Raw Materials Tariffs

President Donald Trump is reportedly planning to exempt U.S. automakers and car parts from certain tariffs previously imposed on Chinese imports and raw materials such as steel and aluminum, in a move described as 'destacking' duties. The announcement led to sharp gains in shares of major automakers including General Motors, Ford, Stellantis, and Tesla, with Tesla's stock rising 4.5% in early trading. Related cryptocurrencies like TeslaCoin (TSLC) surged over 6%, with increased trading volumes also seen in Bitcoin and Ethereum. The exemption was prompted by industry pressure and aims to mitigate negative impacts on car prices and supply chains. Administration officials maintain a tough stance on China but now suggest flexibility in tariff rates as trade negotiations continue. This decision underscores the broad market impact of tariff policies and the interconnectedness of equities and digital assets.