- The White House plans to delay auto tariffs for six months, people familiar with the situation told CNBC.
- Ford and GM shares both gained after opening with declines on the day.
Shares of Ford F and General Motors GM jumped on Wednesday as President Donald Trump plans to delay auto tariffs for six months , people familiar with the situation told CNBC.
Ford and GM shares both added about 1% after opening with declines on the day.
The White House has until May 18 to make a decision on whether it will add duties to imports of vehicles and auto parts. The president is considering tariffs as high as 25% on cars.
Trump sees auto tariffs as key leverage in trade negotiations with the European Union and Japan. But the E.U. has plans to retaliate with its own tariffs on up to $300 billion of U.S. goods .
Bloomberg first reported the auto tariffs delay.
WATCH: Trump administration to delay auto tariffs by six months
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