U.S. stocks rebounded on Wednesday after the White House announced a one-month tariff reprieve for auto imports from Mexico and Canada, suggesting that President Trump is open to additional exemptions on import taxes on America’s two-largest trading partners.
Trade tensions weighed on major indexes early in the session, even as fresh economic data suggested the U.S. service sector last month grew faster than Wall Street’s expectations. But stocks turned sharply higher after President Trump granted automakers the one-month exemption from 25% duties.
Ford Motor stock climbed 5.8% and General Motors added 7.2%, with both companies’ shares among the leaders in the S&P 500. Stellantis jumped 9.2%.
