President Donald Trump said Thursday that he has postponed 25% tariffs on most goods from Mexico for a month after a conversation with that country's president.

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.

President Donald Trump is exempting automakers from newly imposed tariffs on Mexico and Canada for one month, the White House said Wednesday, as a temporary reprieve following pleas from industry leaders.