Trump exempts some automakers from tariffs

Trade turmoil: Trucks crossing into Canada at the US-Canadian border in Blaine, Washington. US tariffs pose difficulties for American car companies as they produce some of their vehicles in Mexico and Canada. — AFP

WASHINGTON: President Donald Trump will exempt automakers from his punishing 25% tariffs on Canada and Mexico for one month as long as they comply with an existing free-trade agreement, the White House says in a development that brought a halt to Wall Street’s steepest skid in nearly three months.

Trump is also open to hearing about other products that should be exempted from the tariffs, which took effect Tuesday, the White House said on Wednesday.