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.

Trump pledged in his inaugural address that tariffs would be coming in a speech in which he promised a golden era for America. He later said Canada and Mexico could be hit with the tariffs as soon as Feb. 1, though he signed an executive order requesting a report coordinated by the Secretary of Commerce by April. 1.