The housing market may be tipping back toward buyers, but a new proposal endorsed by President Donald Trump Tuesday could give sellers a financial boost.

Trump suggested he supports legislation that would eliminate taxes on capital gains from home sales. Currently, single filers are exempt from the taxes on gains of $250,000 or less if they sell their primary residence, or up to $500,000 for married couples filing jointly. But those caps haven’t been updated in more than two decades, and proponents of the policy argue the exemptions haven’t kept up with rising costs.

More than a third of homeowners, or 29 million, own enough equity in their home that they could exceed the $250,000 cap, the National Association of Realtors recently found.

President Donald Trump with Japanese Prime Minister Shigeru Ishiba

The U.S. and Japan reached a trade agreement under which the U.S. trading partner will face a 15% tariff—down from a previously threatened 25%—President Donald Trump announced on Tuesday. Japanese Prime Minister Shigeru Ishiba called the deal a “new golden era” in the relationship between the two countries, and Japanese automakers and U.S. stock futures rose after the announcement.

General Motors took a more than $1 billion tariff-induced hit to its profits last quarter, the company said in its latest earnings report, following similar losses reported by Stellantis, which produces Chrysler and Jeep vehicles. GM projects to lose between $4 to $5 billion from the import taxes for the year, and expects that the third quarter will see a greater impact due to “indirect tariff costs.”

Assembly of glass Coca-Cola bottles at a site near Paris

After pressure from President Donald Trump,

© Forbes