President Donald Trump agreed to delay tariffs for one month on some vehicles built in North America after a call with the CEOs of General Motors and Ford, the White House said Wednesday. The automakers had urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the 2020 U.

The announcement comes after Trump spoke with leaders of the "big 3" automakers, Ford, General Motors, and Stellantis on Wednesday.

President Donald Trump decided to give Ford, General Motors and Stellantis a one-month tariff exemption. The move comes a day after Trump enacted harsh tariffs on products from Canada and Mexico.

This announcement comes after Trump had a meeting Wednesday with the leaders of Ford, General Motors, and Stellantis.

President Donald Trump held a call Tuesday with the CEOs of General Motors and Ford and the chair of Stellantis to discuss the potential of delaying tariffs

President Donald Trump has delayed tariffs on automobile imports from Canada and Mexico for one month after requests from executives at the Big Three

What Happened? Shares of automotive manufacturer General Motors (NYSE:GM) jumped 8.2% in the mid-day session after the Trump administration announced a one-month delay for tariffs on automakers whose cars comply with the United States-Mexico-Canada Agreement.

The president said he would pause a 25 percent tariff on cars coming from Canada and Mexico under a trade pact for one month, while other levies stay in place.

The announcement came one day after Trump imposed 25% taxes — or tariffs — on Mexican and Canadian imports, which experts worried would hamstring Michigan's auto industry.

Auto manufacturing — a staple of the Michigan economy for generations — represents one of the industries most vulnerable to international competition during U.S.-imposed tariffs, experts say.

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.