U.S. stocks rose on Monday, with the Dow Jones Industrial Average posting triple-digit gains, as a tweet from President Donald Trump on NAFTA eased concern that a trade war was imminent.
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The president said that his recently announced tariffs on steel and aluminum would not be imposed on Mexico and Canada if NAFTA negotiations with the two American neighbors produce a new deal.
“We have large trade deficits with Mexico and Canada," Trump wrote in the tweet. "NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A. Massive relocation of companies & jobs. Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed.”
The tweet was more positive than his Friday posting, in which he wrote that “trade wars are good," sending stocks plunging as much as 300 points.