Auto stocks rose Tuesday after the Trump administration agreed to delay imposing new tariffs on Mexico and Canada, offering relief to an industry that relies heavily on both countries for manufacturing.

President Trump had promised a 25% tariff on Mexico and Canada. The tariffs are on hold for one month. The 10% tariff on China are still scheduled.

President Donald Trump's tariffs on Canada have prompted anger in the country where there are growing calls for people to boycott American products. Trump's announcement that Canadian products would face a 25 percent levy was followed by retaliatory measures announced by Prime Minister Justin Trudeau and a call for citizens to buy Canadian over American goods.

Donald Trump is the first president to use the International Emergency Economic Powers Act to impose tariffs, teeing up likely legal battles that will test his executive authority.

U.S. President Donald Trump said on Sunday that although Britain was "out of line" when it came to trade he thought it may be able to avoid tariffs, adding of the imbalance: "I think that one can be worked out".