Global markets rose modestly on Monday, as the prospect of a trade war between the United States and Mexico subsided.

Stocks on Wall Street posted a small gain in early trading, following similar increases in Europe and larger gains in Asia.

Investors reacted positively to President Trump’s decision late on Friday to back off his threat to impose tariffs on goods from Mexico unless the Mexican government took a tougher stance on immigration.

Those tariffs could have sharply disrupted global supply chains, as many companies around the world serve markets in the United States through factories and facilities based in Mexico.