Tesla stock rose Thursday as President Donald Trump’s trade deal with the U.K. showed where policy might be headed.

Tesla stock added 3.1% on Thursday, closing at $284.82, while the S&P 500 and Dow Jones Industrial Average gained about 0.6%.

The market jumped after details emerged of the president’s trade deal with the U.K. It includes smaller tariffs on imports of vehicles from Britain, as well as lower U.K. levies on U.S. cars.

Lower tariffs are a boon for all auto makers. General Motors stock rose 4.1%. Stellantis shares gained 4.7%. Ford Motors shares were up most of the day but closed flat.

The new deal doesn’t solve all the problems the industry faces. Even if U.S.-made cars face lower tariffs, they still are being made with parts that cost more than peers are paying due to tariffs. A car built in Japan with Vietnamese parts sent to the U.K. will be tough for an American auto maker to compete with.

Still, the relief of some trade pressure is a positive, though investors are still pondering when pressure on the Tesla brand resulting from CEO Elon Musk’s political activities will ease. There isn’t much evidence of that.

Tesla sales in Germany fell 46% year over year in April. That’s an improvement from the first quarter when sales fell 62% year over year. Still, going from down 62% to down 46% doesn’t qualify as a recovery. Tesla management even referenced brand image “challenges” on their first-quarter-earnings conference call.

On that call, Musk said he would spend less time in Washington with the Department of Government Efficiency, or DOGE, and more time in Texas at Tesla’s headquarters. How that decision is carried out, and what impact it will have on Tesla remains to be seen.