US President Donald Trump on Monday suggested that he might temporarily exempt the auto industry from tariffs he previously imposed on the sector, to allow carmakers time to adjust their supply chains, according to some media reports.

Automakers need time to relocate production from Canada, Mexico and other places to the US, said Trump, adding that all future auto parts will be produced in the US.

Following Trump’s remarks, the share prices of the “Big Three” US automakers, namely Ford, General Motors and Stellantis, all rose sharply.

Approximately 50 percent of the vehicles sold in the US are imported.

Additionally, many vehicles assembled in American factories also contain a large proportion of imported parts.

Last month, Trump announced plans to impose 25 percent tariffs on imported vehicles on top of previous duties.