Wall Street stabilized in premarket trading Wednesday in a rocky week dominated by steep U.S. tariffs, and retialitory tariffs from Mexico, Canada and China, that have roiled global markets.
Futures for the S&P 500 and Dow Jones Industrial Average each ticked up 0.2%. Nasdaq futures rose 0.4%.
Yet the gains are far from recouping losses this week as the trade war between the U.S. and key trading partners grows hotter.
The Trump administration imposed 25% tariffs on imports from Canada and Mexico starting Tuesday as well as doubling tariffs for Chinese exports. All three countries have announced retaliatory actions, sparking worries about a slowdown in the global economy.
“The global trade outlook for 2025 is marked by solid growth amid significant challenges, many of which can be traced back to the policies proposed by U.S. President Trump,” economists at ING said in a report.
But global trade is diverse, with the United States accounting for just 13.6% of total global exports and a …