China is reportedly preparing to lower tariffs on U.S. auto imports, a key concession in trade talks between the two countries and one that President Trump signaled would occur earlier this month.

Stocks for the major U.S. automakers jumped on Bloomberg’s report that China is moving to trim its duties on car shipments to 15 percent, down from the current 40 percent. General Motors rose 3.1 percent to $35.48 in pre-market trading in New York, while Ford Motor Co. added 3.2 percent to $8.79 and Toyota increased slightly to $120.94.