General Motors anticipates a smaller impact from tariffs and is boosting its full-year adjusted earnings forecast as its third-quarter performance topped Wall Street’s expectations.

Shares surged more than 15% in afternoon trading on Tuesday, its biggest one-day jump since May 2018.

The automaker reduced its expectations for the full-year gross impact from tariffs to a range of $3.5 billion to $4.5 billion. Its previous guidance was $4 billion to $5 billion. GM anticipates its tariff mitigation actions will offset about 35% of the impact due to a lower tariff base.

On Friday President Donald Trump gave domestic automakers additional relief from tariffs on auto parts, extending what was supposed to have been a short-term rebate until 2030. It’s part of a proclamation Trump signed Fri

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