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.

This year, a North Texas company called MP Materials will become the first in a generation to make rare-earth magnets in the U.S.A.,

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.

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 ...

President Donald Trump’s trade wars threaten to claim a casualty on the home front: the American auto industry.

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 ...