The president said he will impose tariffs Feb. 1 on products from Canada, Mexico and China, countries that together account for more than a third of U.S. trade.

The likelihood of an all-out trade war may have receded but not the trade-related volatility as stocks climbed.

President Donald Trump did not immediately impose tariffs on Monday as previously promised but said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1 over illegal immigrants and fentanyl crossing into the U.