President Donald Trump granted U.S. automakers a short reprieve from stiff new tariffs on imports from Mexico and Canada this week.

Trump is no stranger to tariffs. He also launched a trade war during his first term in office, but has more sweeping plans now. Economists stress there could greater consequences on businesses and economies worldwide this time — and that higher prices will likely leave consumers footing the bill.

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.

Economically sensitive stocks such as airlines and banks led declines on Wall Street's main indexes on Tuesday on the new tariffs. Monday, the benchmark S&P 500 suffered its worst day of this year after the U.S. tariffs were confirmed. [.N]

President Donald Trump is granting a one-month exemption on his new tariffs on imports from Mexico and Canada for U.S. automakers.

Earlier, Wall Street had lost ground following mixed economic data and as investors also worried about a trade war.

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 ...

In closed-door conversation, members of Trump's team have been pushing auto companies in recent days to commit to drastically scaling back their long-term footprints in Canada and Mexico in exchange for permanent tariff relief — without success so far, according to three sources connected to the industry, who spoke on condition they not be named.

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 ...

amid fears that the trade war could harm U.S. manufacturers. The announcement comes after Trump spoke with leaders of the “big 3” automakers, Ford, General Motors, and Stellantis on Wednesday.