Trump tariffs impact: Wall Street’s main indexes edged up on Wednesday, after better-than-expected services data allayed worries of a slowdown in the U.S. economy, while investors awaited a potential softer approach from President Donald Trump on trade policy.
The S&P 500 was basically unchanged in morning trading after losing 6% since setting its all-time high last month and returning to where it was before President Donald Trump’s election. The Dow Jones Industrial Average was up 111 points, or 0.3%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.1% lower. The benchmark S&P 500 has fallen over 5.7% from its record high, while the tech-heavy Nasdaq has dropped over 9% from its peak.
Investors are also closely monitoring the latest developments on tariffs. Commerce Secretary Howard Lutnick said in an interview that Trump was considering granting some relief on import of items such as cars and autoparts, that comply with the U.S.-Mexico-Canada free-trade agreement.
The remarks came after Trump escalated a global trade war on Tuesday as he imposed 25% tariffs on top trade partners, Canada and Mexico, citing ineffective border controls. The tariff announcement is expected later in the day.
