Many of President Donald Trump's proposed tariffs are on hold for now, but if they do go into effect, triggering a trade war between the U.S. and its biggest trading partners, they will raise prices for American consumers.

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.