The stock market surged on Wednesday after the Trump administration granted automakers a one-month exemption from tariffs imposed a day earlier. The Dow Jones Industrial Average closed the trading session up nearly 500 points, or 1.1%, while the S &P 500 also jumped 1.1%. The tech-heavy Nasdaq increased nearly 1.5% on Wednesday.

President Donald Trump's 25% tariffs on Mexican and Canadian imports, along with an additional 10% tax on Chinese goods, bringing the total tariff to 20%, took effect Tuesday, triggering a trade war between the U.