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The White House confirmed that President Donald Trump is giving auto makers a one-month exemption from his 25% tariffs on imports from Mexico and Canada. That is helping boost shares of the Big Three auto makers.
General Motors, Ford Motor, and Stellantis were given the reprieve “so they are not at an economic disadvantage,” press secretary Karoline Leavitt told reporters on Wednesday. Shares of those companies rose more than 7% on average, while the S&P 500 and Dow Jones Industrial Average added about 1.1%.
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