U.S. stocks climb as Trump tariffs draw near.

Wall Street stocks edged up as President Donald Trump’s latest tariff wave loomed, while European markets closed in the red. The dollar softened, oil prices wavered, and gold—seen as a safe haven—neared a record peak. Tokyo’s market ticked up slightly and Chinese indices held steady, but Europe stumbled, with Frankfurt leading the decline. Wall Street’s major indexes dipped at the open but turned positive by mid-morning.

“Today’s a minefield for traders,” said Joshua Mahony of Scope Markets. “Uncertainty’s sky-high with retaliatory tariffs and a potential trade war in play.” Global stocks have been rattled ahead of Trump’s “Liberation Day” announcement, where he’s vowed to target nations he claims have exploited the U.S. for years. He’s teased tariffs for weeks, first hinting they’d mirror other countries’ levies, though reports suggest he’s mulling a flat 20% rate or a tiered system favoring some nations. Last week’s 25% auto tariffs, set for Thursday, add to the tension. Trump’s decision drops at 4:00 p.m. EST (2000 GMT), post-market close, with promises of a U.S. industrial “golden age.”
“The tariff details are murky, so investors are playing it safe, shying away from riskier bets,” said Fawad Razaqzada of City Index and FOREX.com. Pepperstone’s Chris Weston noted that immediate tariffs could clarify things, even if negotiations suffer. “It’s not great for growth or earnings, but it’d sharpen our reaction to the reality,” he said. Still, he warned, “expect pushback from other nations.”

Fears of a trade war are mounting as countries signal counter-moves. Economists caution that growth could stall and inflation flare, dimming hopes for sustained rate cuts from central banks. Tesla’s stock took a hit, dropping 5% early after a weak sales report—down 13% in Q1 amid factory retooling and backlash tied to CEO Elon Musk’s Trump ties—before rebounding to a 3% gain by midday.
The mixed market mood reflects the tariff cliffhanger. Investors are bracing for impact, balancing Trump’s protectionist push with its global ripple effects. Gold’s shine and Wall Street’s late rally hint at caution, while Europe’s slump underscores broader unease. How markets digest Trump’s next move—and the world’s response—will shape the weeks ahead.