Mexico’s stock market soared the most in the world on Thursday as investors piled in following the news that the country was excluded from President Donald Trump’s plan to impose tariffs on trading partners.

The White House said it was backing off on steeper levies for trade partners that had agreed to negotiate, although Trump said he would raise tariffs on goods from China even further, to at least 125% "effective immediately".

Just hours after President Trump imposed steep tariffs on dozens of America’s trading partners, he reversed course. The president announced this afternoon that nearly all of his so-called reciprocal tariffs would be paused for 90 days.