An annual meeting at the White House scheduled for Friday between Canadian and U.S. mayors will still take place — but without Canadian representation.

Prime Minister Justin Trudeau and his U.S. counterpart spoke by phone Wednesday about the ongoing trade war and their senior officials have been in constant contact throughout the day as both sides discuss a deal to temporarily lift all tariffs or possibly negotiate carve-outs for certain sectors.

Investors and business leaders are looking for any signs that political leaders will walk back recent tariff hikes.

Donald Trump is giving some relief from the 25 percent tariffs imposed on Mexico and Canada for the auto industry, agreeing to a one-month exemption for the sector. Commerce Secretary Howard Lutnick teased the exemption in interviews on Wednesday.

President Donald Trump is granting a one-month exemption on his stiff new tariffs on imports from Mexico and Canada for U.S. automakers.

President Trump is granting automakers a one-month exemption from tariffs he imposed on Mexico and Canada, the White House said Wednesday. "The president is happy to do it," White House Press Secretary Karoline Leavitt said.

President Trump and his top advisers appear to be singing a different tune as they march to their latest trade war. It goes like this: markets-are-made-for-America, not America-for-markets. Trump and several cabinet members said as much,

The president knows his plans,” a White House official said, while Donald Trump presses ahead with tariffs that economists warn will push prices higher.

The reprieve applies to cars from Canada and Mexico that comply with the free-trade deal between those two countries and the U.S.