President Donald Trump has granted an exemption on auto tariffs on Mexico and Canada for one month, White House Press Secretary Karoline Leavitt announced Wednesday, issuing a major, albeit temporary,

Major US tariffs against Canada and Mexico are now in effect, igniting fears of a recession and broader trade war, though some have already been rolled back temporarily.

The Trump administration will exempt U.S. automakers from new tariffs on Canadian and Mexican imports for one month, the White House said Wednesday—as the 25% levies imposed Tuesday could potentially lead to price hikes on a range of imported goods, from food and alcohol to lumber.