Trump eases auto tariffs burden as Lutnick touts one done foreign trade deal

It offers the industry a “little relief” as companies invest in more US production, Trump said as he left Washington for Michigan. “We just wanted to help them … if they can’t get parts, we didn’t want to penalise them.”

The uncertainty unleashed across the auto sector by Trump’s tariffs remained on full display Tuesday when GM pulled its annual forecast even as it reported strong quarterly sales and profit. In an unusual move, the carmaker also opted to delay a scheduled conference call with analysts until later in the week, after the details of tariff changes were known.

Meanwhile, US Commerce Secretary Howard Lutnick told CNBC he had reached one deal with a foreign power that should permanently ease the “reciprocal” tariffs Trump plans to impose. Lutnick declined to identify the country, saying the deal was pending local approvals.

“I have a deal done … but I need to wait for their prime minister and their parliament to give its approval,” Lutnick said.

Lutnick’s comments helped further lift stock prices that had been battered by Trump’s moves to reshape global trade and force goods makers to shift production to the US The benchmark S&P 500 Index closed 0.6 per cent higher for a sixth day of gains, its longest streak of gains since November.