Domestic auto stocks rose Thursday after the U.S. Department of Commerce started an investigation into automobile imports.
The government is looking into whether the imports "threaten to impair the national security" of the United States. It will be carried out under Section 232 of the Trade Expansion Act of 1962, the agency said in a statement on Wednesday.
Trump has discussed plans for auto import tariffs with industry officials, The Wall Street Journal reported Wednesday, citing sources. The report said the tariffs could be up to 25 percent.
—CNBC's Ted Kemp contributed to this article.