Shares of General Motors Co., Ford Motor Co. and Jeep parent Stellantis briefly spiked in after-hours trading Wednesday in the wake of a report that President Donald Trump plans to spare automakers from some tariffs.

The Trump administration is considering reducing tariffs on auto parts ahead of a May 3 deadline that has drawn the ire of global carmakers, according to the Financial Times.The proposal would exempt car parts from tariffs President Donald Trump has levied on imports from China to stop fentanyl production,

U.S. President Donald Trump is planning to spare carmakers from some tariffs following intense lobbying by industry executives over recent weeks, the Financial Times reported on Wednesday, citing a couple of people familiar with the matter.