The threat of a punishing trade war sent Wall Street on a roller coaster. Markets rebounded after Mexico said it had negotiated a one-month reprieve.

The Senate Finance Committee is expected to vote at 10 a.m. on Robert F. Kennedy Jr.'s nomination to be health and human services secretary. In the afternoon, the Senate Intelligence Committee is scheduled to vote on Tulsi Gabbard's nomination to be director of national intelligence.

President Donald Trump's tariffs against China have gone into effect. China has retaliated with tariffs against U.S. oil. Tariffs against Mexico and Canada have paused as negotiations continue.

China's tariffs - due to begin next Monday - would also apply to US oil and farm machinery, but more talks are due this week.

The president probably didn't want to spark a new round of international headlines about him being a “paper tiger,” but that's precisely what has happened.

Trump pauses tariffs on Mexico, but 25% tariffs on Canada and 10% tariffs on China are expected to proceed starting Tuesday.