Progress toward easing the steep tariffs China imposed on U.S. vehicle imports this year lifted carmaker stocks across the globe, as investors wagered on a thawing of tensions that have damaged the world’s biggest automotive market.
Toyota Motor Corp. and Hyundai Motor Co. tracked earlier gains for Daimler AG, General Motors Co. and Tesla Inc. after Bloomberg News reported that a proposal to eliminate the 25 percent surcharge slapped onto U.S.-made cars this year has been submitted to China’s cabinet. The plan would be reviewed in coming days, people familiar with the matter said.
