The comments pushed stocks such as Ford, GM and Chrysler parent Stellantis higher, swinging from trading levels or negative to being up between 1% and 4%.

Car insurance prices could increase over the next few months. President Donald Trump's tariffs on cars and car parts and retaliatory tariffs on China will likely increase the cost of buying and repairing cars,

Major Japanese automobile company Nissan is considering moving some of its production to the U.S., according to a new report, in what could be one of the first indicators for President Donald Trump that his sweeping tariffs may have the impact the White House intends.