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.

NEW YORK — The threat of a punishing trade war sent Wall Street on a roller coaster Monday. After initially falling sharply on worries about President Donald Trump’s tariffs, U.S. stocks pared their losses after Mexico said it had negotiated a one-month reprieve.

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