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.

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%.

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 and the chair of Stellantis, the White House said Wednesday.