Automakers and alcoholic beverage companies pared early session losses on Monday after U.S. President Donald Trump paused new tariffs on Mexico for one month.

Trump declared an economic emergency in order to place duties of 10% on all imports from China and 25% on imports from Mexico and Canada.

Markets rebounded sharply as investors bet that Trump’s bark may be worse than his bite on tariffs. Sheinbaum said Mexico agreed to send 10,000 troops to its border with the U.S. to help stem the flow of undocumented immigrants and battle drug trafficking.