Stock surge after Trump grants one-month tariff delay for U.S. automakers

Stocks recorded significant gains Wednesday amid a volatile trading day that largely settled after President Donald Trump granted U.S. automakers a one-month reprieve on new 25% duties imposed on Canada and Mexico.

Stocks recorded significant gains Wednesday amid a volatile trading day that largely settled after President Donald Trump granted U.S. automakers a one-month reprieve on new 25% duties imposed on Canada and Mexico.

The S&P 500 closed up 1.1%, while the tech-heavy Nasdaq climbed 1.5%. The Dow Jones Industrial Average gained nearly 500 points, or 1.1%.

Earlier Wednesday, White House press secretary Karoline Leavitt said Trump had spoken with the Big 3 American automakers — Ford, GM and Stellantis (formerly Chrysler) — and granted them a one-month exemption on paying the 25% duties on autos produced in their Canadian or Mexican facilities.

Leavitt also said Trump was open to providing additional exemptions.

Earlier in the day, Trump had indicated Canada’s efforts to tackle drug and migrant flows continued to be insufficient to allow him to ease the tariffs entirely. In posts on his Truth Social platform, he said that after having spoken with Canadian Prime Minister Justin Trudeau, he had decided that the improvements Trudeau mentioned toward halting fentanyl and undocumented people from entering the United States were “not good enough” to lift the duties.

https://www.nbcnews.com/business/economy/tariffs-limbo-mixed-messages-meet-wary-markets-rcna194856

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