Shares of General Motors, Ford, and Stellantis climbed on Wednesday after the Trump administration delayed auto tariffs on Mexico and Canada for one month. GM shares gained 5%, Ford rose 4%, while Stellantis surged around 7%.

The president announced that he’s granting a one-month exemption on his new tariffs on imports from Mexico and Canada for auto manufacturers in the U.S.

The White House on Wednesday announced a one-month tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis. Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's rules of origin.