The Trump administration's change in tune comes after near-daily meetings with automakers, who now won't be charged other levies on top of the auto tariffs.

U.S. President Donald Trump on Tuesday will soften the blow of his auto tariffs through an executive order mixing credits with relief from other levies on parts and materials, after automakers pressed their case with the administration.

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.