U.S. markets have seemed to “keep calm and carry on” this year to date — despite dramatic policy changes that may have delayed impacts on the economy, according to David Kelly, chief global strategist at J.

Analysts said the muted market response was because many investors expected the levies to settle at lower levels after negotiations.

Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.