President Trump announced today that cars would receive a one-month exemption from the sweeping 25 percent tariffs he imposed this week on imports from Mexico and Canada. The president said he made the decision after speaking with America’s three largest automakers, whom he pushed to move their production facilities to the U.S., according to the White House.

Trump’s initial rollout of the tariffs, which also included fees on imports from China, drew pushback from American businesses and roiled financial markets. As my colleagues Maggie Haberman and Jonathan Swan have reported, the stock market is one of the few forces that can convince Trump to change his mind. The S&P 500 ended today up 1.1 percent.

The president declined to offer a reprieve to Canada, despite overtures today by Prime Minister Justin Trudeau. Trump said he was not satisfied with Canada’s efforts to reduce the flow of fentanyl across the border, even though the U.S. intercepted just 43 pounds of fentanyl there in all of 2024.

In Mexico, leaders were frustrated because they believed they had met all of Trump’s demands to avert the tariffs.