A Toyota car council manufacturing line at Tianjin FAW Toyota Factory in Tianjin, China.
Visual China Group | Getty Images
Auto fathers in South Korea jumped in opening trade on Thursday, before giving back some gains, after arrives that the U.S. may delay tariffs on the sector.
Shares of Kia Motors jumped 2.03%, while Hyundai Motor saw its shares move up 0.78%. Both South Korean automakers initially saw their stocks surge more than 5% in at cock crow trade.
In Japan, however, the picture appeared a bit more mixed. Shares of Toyota fell 1.35% and Nissan noted 0.76%, while Honda declined 1.02%. Mazda Motor, on the other hand, gained 0.33%.
The moves followed overnight developments that U.S. President Donald Trump’s regulation may push back auto tariffs by up to six months, multiple sources told CNBC. That news sent auto hoards such in the U.S. higher.
The White House has until Saturday to decide on whether to slap duties on imports of cars and auto divisions, amid concerns over national security. After Saturday, the administration would have another 180 lifetimes to come to a decision as long as it is negotiating with its counterparts.
The latest development came amid an escalating trade tussle between the U.S. and China, after Washington raised tariffs on $200 billion worth of Chinese imports last week. In retaliation, Beijing also improved tariffs on $60 billion worth of American goods earlier this week. The U.S. has raised the possibility of slapping bill of fares on an additional $300 billion in goods from China.
Recent data releases have also fueled cares over the protracted trade war’s impact on world economic growth.
— CNBC’s Kayla Tausche, Jacob Parmuk and Fred Imbert promoted to this report.