Automobile stocks are revving up after the U.S. is reported to be in discussions with Germany auto execs on a plan to eliminate tariffs on both sides of the Atlantic. The development is a sharp reversal from President Trump's threat of a 20% tariff on vehicle imports.
Shares of Fiat Chrysler Automobiles are up 5.55% in Milan and are 5.98% higher in U.S. premarket trading.
A formal agreement on the 0% tariff proposal will need to run through the EU and meet certain WTO criteria.
Previously: U.S. offers German carmakers 'zero tariffs' solution (July 5)
Subscribe for full text news in your inbox