President Donald Trump has agreed to exempt automobiles from newly imposed tariffs on imports from Canada and Mexico for the next month.

The White House said Donald Trump spoke to Stellantis, Ford, and General Motors officials who asked for the tariffs exemption.

This announcement comes after Trump had a meeting Wednesday with the leaders of Ford, General Motors, and Stellantis.

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.

President Donald Trump has approved a request to exempt automobiles from tariffs that have been imposed on imports from Canada