S&P 500 Cuts Most of Its Losses on Tariff Hopes: Markets Wrap
- US tariffs on Mexico delayed after Trump, Sheinbaum talk
- Canada’s Justin Trudeau says Trump tariffs delayed 30 days
Wall Street traders trying to catch up on every new headline around President Donald Trump’s tariff negotiations were faced with a renewed bout of volatility across asset classes.
The S&P 500 trimmed most of a slide that approached 2% Monday. That was after Trump agreed to delay 25% tariffs against Mexico for one month, following a conversation with his counterpart Claudia Sheinbaum. The talks spurred a quick turnaround in currencies, with the peso going from worst to best performer among its major counterparts in a matter of minutes. The dollar almost wiped out a rally that was earlier shaping up to be the best since the onset of the pandemic. Late in the day, Canada’s loonie gained as Justin Trudeau said US tariffs would be paused for 30 days.