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

The latest tariffs on Canadian and Mexican oil could raise U.S. refining costs, disrupt supply chains, and drive up fuel prices.

Trump postponed 25% tariffs on some imports from Mexico and Canada for a month amid widespread fears of the economic fallout from a broader trade war.