Shares of U.S. automakers jumped Monday afternoon amid speculation the companies could receive some relief from President Trump’s 25% auto tariffs .

Trump reportedly said Monday he was “looking for something to help some of the car companies,” that “need a little bit of time” to move operations from Canada and Mexico to the United States.

Shares of Ford ( F ) surged close to 5% in recent trading, after falling as much as 1% earlier in the day, while General Motors ( GM ) shares, also down 1% earlier in the session, were up nearly 4%. Shares of Chrysler-parent Stellantis ( STLA ), down as much as 1.5% midday following a downgrade by UBS , jumped 5%.

Trump over the weekend announced that smartphones, computers, and other electronics will be exempt from the “reciprocal” tariffs announced earlier this month. The president’s latest tariff about-face has boosted hopes on Wall Street that there may be more carve-outs to come for select companies, industries, and countries.

Carmakers were among the first companies to enter the crosshairs of Trump’s tariff policies. Ford, GM, and Stellantis’ supply chains were thrown into the spotlight in early February when Trump announced tariffs on Canada and Mexico, where the car companies have a major manufacturing presence. Trump watered down those tariffs but subsequently announced a 25% tariff on all cars and auto parts not compliant with the U.S.-Mexico-Canada Agreement that Trump negotiated in his first term.

Automakers have warned that tariffs could dramatically increase the cost of manufacturing vehicles and that those costs would ultimately be passed along to consumers .

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