President Trump’s decision Monday morning to delay tariffs on Mexico for one month sparked an intraday turnaround on Wall Street, but some investors and strategists are still on edge about the potential risks of a trade war with our three largest trading partners. The Mexico announcement came shortly after 10 a.m. ET, following a White House call with Mexican President Claudia Sheinbaum, and stocks immediately began to trim their losses. The Dow Jones Industrial Average eventually rebounded after being down more than 600 points at one point. .DJI 1D mountain The Dow saw a big intraday turnaround on Monday. There’s a chance that the Mexico tariff pause, along with the short-lived Colombia feud last month, becomes emblematic of trade policy in the second Trump administration: aggressive opening move, early negotiation win, and then dialing back the import taxes before they cause economic pain. “I believe that the market is viewing Colombia negotiations and Mexico negotiations as Trump’s template. Trump’s template is being viewed as not so scary, more of his process of getting a better deal negotiated,” said Jeff Kilburg, founder and CEO of KKM Financial, who said he was personally skeptical of this view. If the investors who are buying into that theory are right, though, then Trump may soon also score negotiating wins against Canada, China and the European Union. But each conversation could also present unique risks and spark big moves for stocks in either direction. “I do think that the Sheinbaum call really put Canada in a bind here early in this process. But this is a long game,” Dewardric McNeal, senior policy analyst at Longview Global, said on ” Power Lunch .” “We’re going to live with these threats for the rest of the Trump administration, and at some point you run out of deal space. It may not be today but I do think markets should take this more seriously than they’re taking it,” McNeal added. And it may be more difficult for other countries, and their individual leaders, to meet Trump’s demands as quickly as Mexico’s Sheinbaum. “I think, to be honest, Mexico was the low hanging fruit … Canada, EU and China [are] likely to be more volatile and less likely to fold near term,” said Tom Fitzpatrick, managing director for global markets insights at R.J. O’Brien & Associates. Even with the recovery, the relief move from the Mexico tariff pause still wasn’t enough to make it a positive day for Wall Street. Larry Benedict of The Opportunistic Trader said the move “doesn’t feel that great to me.” Benedict also said that Monday was the type of environment where short-sellers may have taken early profits, which could have helped give the intraday reversal an extra boost without much conviction behind the trade. “Let’s say you happen to have a short position over the weekend. When you get an opening like that, even though it probably should have been more, you want to trade and take your profits,” Benedict said. — CNBC’s Lisa Han and Brian Evans contributed reporting.