Trump’s tariffs and the trade war continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

By Elizabeth Howcroft PARIS (Reuters) -European stock indexes climbed slowly higher on Wednesday and the dollar was little changed, as uncertainty about U.S. President Donald Trump's tariff plans and negotiations with China dominated market sentiment.

The White House has dismissed the TACO nickname as “asinine” and “nasty,” but Wall Street is starting to discount the impact of tariffs.

Trump’s tariffs and the trade war continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Key Points Steel stocks are surging due to Trump doubling tariffs on steel and aluminum. Consumer discretionary stocks are tumbling, especially those in the automotive sector. The broader market as a whole has been rather benign despite the

China’s manufacturing sector suffered a significant setback in May 2025, with activity plunging to its lowest level since September 2022. The latest data, published by Caixin and S&P Global, show the Purchasing Managers Index (PMI) fell sharply to 48.

Trump previously announced a tech tariff exemption that included smartphones, and now, it seems he has reversed course. The unpredictability and uncertainty of it all are a challenge to Apple, and the market despises uncertainty. Apple stock dropped right after Trump's May 23 post, but has since regained the loss.

US stocks were mixed Monday as investors digested President Donald Trump’s doubling of tariffs on America’s steel and aluminum imports while trade tensions with China flare up once again.