Polestar Automotive (PSNY) Jumps 6.5% on Improving Global Trade

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is one of These 10 Stocks Went Bulletproof.

Polestar Automotive rebounded by 6.54 percent on Tuesday to close at $1.14 apiece as investors cheered the European Union’s (EU) supposed approval of President Donald Trump’s trade arrangement, as the deadline for a trade deal with the US looms for the bloc.

According to a report by Bloomberg, the EU would accept Trump’s 10-percent universal tariff on all US imports, but wants Washington to commit to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft.

The EU was said to be pushing the US for quotas and exemptions to effectively lower the 25-percent tariff on automobiles and car parts, as well as the 50-percent tariff on steel and aluminum imports.

Investors took the development positively, spilling over to Europe-based companies, including Polestar Automotive Holding UK PLC (NASDAQ:PSNY), as the bloc scrambles to reach a trade agreement by the July 9 deadline.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Sweden-based electric vehicle maker owned by Volvo Cars and Geely.

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Disclosure: None. This article is originally published at Insider Monkey.