Tesla Shares Up 22% as Trump Authorizes 90-Day Pause on Some Tariffs

By Sabela Ojea

Tesla shares surged Wednesday after President Trump announced a 90-day pause on some tariffs, excluding China.

The electric-car maker was up 22% to $270.57 in late afternoon trading, on pace for the largest percent increase since May 9, 2013, when it rose 24%. Shares had fallen 33% since the beginning of the year after Trump took over the administration and Musk became one of the Trump White House's most influential advisers.

Since Trump announced his latest round of tariffs last week, Tesla has lost over $40 billion in market value.

Tesla's primary manufacturing facilities outside of the U.S. are located in Germany and Shanghai. But the company's overall manufacturing process is also largely dependent on other countries that were targeted by last week's tariffs.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix