(NEW YORK) — U.S. stocks climbed in early trading on Wednesday, recovering some of the losses suffered in recent days amid an escalating global trade war and concerns about a possible recession.
The Dow Jones Industrial Average jumped about 200 points, or 0.5%, while the S&P 500 increased 1%. The tech-heavy Nasdaq rose 1.5%.
Trading opened minutes after a fresh inflation report showed price increases had eased more than expected in February, the first full month under President Donald Trump.
Tit-for-tat tariffs continued to rattle global trade early Wednesday, however. Trump’s 25% tariffs on all imported steel and aluminum products went into effect overnight.
The European Commission said EU member states would retaliate with duties on U.S. goods, sending European markets mostly higher.
Some economists say that while the U.S. tariffs could boost the local steel industry in the United States, they could also lead to higher prices for industries that purchase steel. Those higher prices may eventually reach consumers.
The U.S. relies heavily on imported aluminum and those costs are expected go up as well.
This is a developing story. Please check back for update
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