WASHINGTON — President Donald Trump is granting a one-month exemption on his stiff new tariffs on imports from Mexico and Canada for U.S. automakers, amid fears that the trade war could harm U.S. manufacturers.

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 is promising a manufacturing rebound as he threatens steep tariffs on foreign imports, but critics warn those policies could have the opposite effect.

Shares of automotive manufacturer General Motors (NYSE ... particularly for affected automakers entangled in the trade war. Markets had projected potential disruptions to the supply networks ...

Trump granted a one-month exemption to 25% tariffs on vehicles and auto parts traded through the North American trade agreement ... of automakers Ford, General Motors and Stellantis, the White ...