The outsized swings in markets on the back of Donald Trump's every word on tariffs just weeks ago have faded to mere flickers, as investors switch their focus elsewhere, and bet against a full-scale trade war really materialising.

Trump's tariffs cause short-term volatility, but long-term market impact is minimal; earnings remain the key focus for investors. Click to read.

Global stocks were under pressure Wednesday after US President Donald Trump broadened his tariff threats, leaving European bourses lower even as the S&P 500 notched a fresh record. Trump warned the previous day that he would impose tariffs “in the neighborhood of 25 percent” on auto imports and a similar amount or higher on semiconductors and pharmaceuticals.