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.

Mexico will be granted a month-long reprieve from tariffs on goods that fall under an existing free-trade agreement with the United States, Trump wrote on social media.