The major stock indexes closed lower on Monday, but partly recovered from initial steeper losses as U.S. President Donald Trump delayed tariffs on Mexico after his orders to levy tariffs on three countries sparked a global scramble to safe-haven assets earlier in the day.

President Trump agreed to a one-month delay on Mexican tariffs, but levies on Canadian and Chinese goods are still poised to begin at midnight.

NEW YORK: Wall Street’s main indexes pared losses on Monday, as US President Donald Trump paused new tariffs on Mexico for one month after his orders to levy steep tariffs on key trading partners sparked a global scramble to safe-haven assets earlier in the session.