US Commerce Secretary Howard Lutnick appeared to confirm reporting on​ Monday that a deal has been reached with automakers to​ ease tariffs, in another potential policy reversal that could grant a major reprieve for a beleaguered industry.

A leading industry expert says if auto tariffs remain, new vehicle prices "will be noticeably higher in the coming months."

STORY: U.S. President Donald Trump's administration will move to reduce the impact of his automotive tariffs on Tuesday.Officials said that could include alleviating some duties imposed on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones.