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

In another reversal, Trump postponed for a month new tariffs on imports from Canada and Mexico that fall under the three nations' free trade deal.

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.