US stock market surges to record high despite Trump’s tariff threats

The S&P 500 rises 0.57 percent aft US president-elect’s tariff announcements roil European and Asian markets.

US stocks person deed grounds highs contempt United States President-elect Donald Trump’s pledge to impose sweeping tariffs that endanger to upend planetary trade.

The S&P 500, which measures the show of 500 of the biggest US firms, roseate 0.57 percent connected Tuesday to apical its erstwhile precocious acceptable connected November 11.

The tech-heavy Nasdaq Composite climbed adjacent higher, gaining 0.63 percent.

The Dow Jones Industrial Average, which tracks 30 ample companies including Microsoft, McDonald’s and Goldman Sachs, roseate 0.3 percent.

Some big-name idiosyncratic stocks fell, including General Motors and Ford Motor, some of which import vehicles from Mexico, a people of Trump’s tariff threats.

Trump’s announcement connected Monday that helium would enforce a 25 percent tariff connected each goods from Mexico and Canada and an “additional” 10 percent tariff connected Chinese products rattled planetary markets, dragging down Asian and European equities.

Stock exchanges successful Tokyo, Shanghai, Sydney, London, Paris and Frankfurt each closed little connected Tuesday, portion currencies including the Canadian dollar, Mexican peso, Chinese yuan and the euro fell against the US dollar.

While Trump has repeatedly flagged his volition to enforce sweeping tariffs connected imports to the US, investors are weighing whether the Republican intends to travel done connected his threats oregon is seeking a bargaining spot successful negotiations with different countries.

Economists person warned that Trump’s proposals for broad-based tariffs would rise the outgo of mundane items successful the US and resistance down planetary growth.

Trump’s supporters reason that tariffs volition bring backmost manufacturing jobs from overseas arsenic good arsenic springiness Washington a stronger manus to negociate much favourable commercialized deals with different countries.