Volvo says it could move production of its popular XC90 sport-utility vehicle to SC if Trump imposes tariffs on European cars. It's something Volvo said it would do in 2017 but never did.

Tariffs, or even the whiff of them, could severely hike their prices for American buyers—and ding carmaker profits.

Volvo Cars may move production of some of its models to the U.S. depending on tariffs, but aims to stick to a plan to export its European-made EX30 SUV model to the United States later this year, the company's CEO said on Wednesday.

In a dizzying turn, President Trump said Thursday that the U.S. would temporarily reverse the sweeping tariffs it imposed just days ago on most Mexican products. In a post on Truth Social, Trump said he would delay for one month the imposition of 25% taxes on Mexican imports that fall under a free trade agreement that he negotiated during his last term.