An employee prepares to install the hood on a sports utility vehicle at the General Motors assembly plant in Arlington, Texas.

U.S. President Donald Trump and European Commission President Jean-Claude Juncker will meet next week to discuss a possible reduction of auto tariffs for several key trade partners, Bloomberg News reported Tuesday. Shares of General Motors and other automakers rose on the report.

Citing two sources with knowledge of with the situation, Bloomberg said Juncker will likely convey to Trump the European Union's willingness to lower auto tariffs between the two sides and other major car-exporting countries.

The report comes nearly a month after Trump threatened to raise tariffs to 20 percent from 2.5 percent on European cars coming into the U.S. The U.S. has already slapped tariffs on EU steel and aluminum imports.

CNBC reached out to the White House for comment, but they did not respond immediately. The European Commission did not respond to a request for comment, either.

General Motors jumped to trade as much as 2.4 percent higher, before holding up 1.5 percent. Shares of Fiat Chrysler and Ferrari both rose to trade more than 1 percent higher.

The Trump administration has taken a more protectionist stance on trade recently, recently slapping tariffs on $34 billion in Chinese imports. Last week, the administration said it was looking into additional tariffs on $200 billion in goods from China.

Click here to read Bloomberg's full report.