U.S. automakers are set to get a break on some of the sweeping tariffs President Donald Trump is imposing. Yet even with the new waivers, the outlook for America's longest-lived carmakers remains cloudy, with General Motors saying Tuesday it was "reassessing" its earnings guidance in light of the uncertainty over the tariffs impact.

Automakers would receive credits for up to 15% of the value of vehicles assembled in the U.S. that could be applied against the value of imported parts, Lutnick told reporters. Autos and parts subject to the 25% Section 232 autos tariffs would no longer be subject to other tariffs imposed by Trump,

President Trump is set to take action Tuesday to offer some relief to automakers from the effects of his steep tariffs.

OMB Director Russ Vought discusses President Donald Trump's tariff standoff with China on 'America's Newsroom.'

Trump's erratic, and often confusing, rollout of tariffs has led to unprecedented market volatility and serious damage to investor trust in U.S. assets.

A spokesperson for China's Ministry of Foreign Affairs said Monday that no call has been made between President Trump and Chinese President Xi Jinping, despite claims Mr. Trump made in an interview with Time Magazine.