Asia's auto stocks closed sharply higher Tuesday after President Donald Trump said he was considering a temporary exemption on imports.

"I'm looking at something to help some of the car companies with it," Trump said on Monday.

"They're switching to parts that were made in Canada, Mexico, and other places, and they need a little bit of time — because they're going to make them here," Trump said.

Here's how major auto stocks stand at the end of the trading day in Asia:

The gains in Asian auto stocks follow a rally for their US-listed peers after Trump's comments.

Stellantis and General Motors ended Monday trading 5.6% and 3.5% higher, respectively.

A potential tariff reprieve for the auto industry would be a huge relief for the industry — and consumers. The auto supply chain is vast and spans numerous countries across the world, so any tariffs would have a knock-on impact on production and pricing.

Trump's potential reprieve for auto imports follows a similar pause for key tech imports from China over the weekend.

"Look, I'm a very flexible person. I don't change my mind, but I'm flexible," Trump said on Monday.

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