President Donald Trump is promising a manufacturing rebound as he threatens steep tariffs on foreign imports, but critics warn those policies could have the opposite effect.

The latest comments from Commerce Secretary is a sudden backing away after Tuesday’s tax hike hurt the stock market.

The stock market surged on Wednesday after the Trump administration granted automakers a one-month exemption from tariffs imposed a day earlier. The Dow Jones Industrial Average closed the trading session up nearly 500 points, or 1.1%, while the S &P 500 also jumped 1.1%. The tech-heavy Nasdaq increased nearly 1.5% on Wednesday.

Earlier, Wall Street had lost ground following mixed economic data and as investors also worried about a trade war.

President Donald Trump’s trade wars threaten to claim a casualty on the home front: the American auto industry.

Shares of automotive manufacturer General Motors (NYSE ... particularly for affected automakers entangled in the trade war. Markets had projected potential disruptions to the supply networks ...

Trump granted a one-month exemption to 25% tariffs on vehicles and auto parts traded through the North American trade agreement ... of automakers Ford, General Motors and Stellantis, the White ...