NEW YORK >> U.S. stock indexes hung near their records Monday following President Donald Trump’s latest updates to his tariffs, as speculation continues on Wall Street that he may ultimately back down on them.

The S&P 500 edged up by 0.1% to pull within 0.2% of its all-time high set Thursday. The Dow Jones Industrial Average added 88 points, or 0.2%, and the Nasdaq composite climbed 0.3% to set a record.

Stock indexes elsewhere around the world were mixed in their first trading after Trump announced plans over the weekend for 30% tariffs on goods from Mexico and the European Union. They won’t take effect until Aug. 1, the same deadline that Trump announced last week for updated tax rates on imports from Japan, South Korea and a dozen other countries.

The latest postponements for Trump’s tariffs allow more time for him to reach trade deals with other countries that could lower the tariff rates and prevent pain for international trade. They also feed into speculation that Trump may ultimately back down on his tariffs if they end up creating too much damage for the economy and for financial markets.

If Trump were to enact all his proposed tariffs Aug. 1, they would raise the risk of a recession. That would not only hurt U.S. voters but also raise the pressure on the U.S. government’s debt level relative to the economy’s size, particularly after Washington approved big tax cuts that will add to the deficit.

“We therefore believe that the administration is using this latest round of tariff escalation to maximize its negotiating leverage and that it will ultimately de-escalate, especially if there is a new bout of heightened bond and stock market volatility,” said Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management.