President Donald Trump said a 25% tariff on Canada and Mexico could come on February 1 and that a universal tariff isn't off the table.

The likelihood of an all-out trade war may have receded but not the trade-related volatility as stocks climbed.

The president said he planned to put tariffs on America’s neighbors on Feb. 1, as he signed an executive order mandating a sweeping review of U.S. trade policy.