Markets continue to downplay the threat of new tariffs on U.S. imports, potentially reading the decision not to nominate Lighthizer, known as a hardline protectionist, as evidence that the threat of tariffs will be used as a negotiating tool rather than as permanent administration policy.

Trump’s proposed tariffs leave Europe particularly vulnerable but undervaluation of European equities provides a good opportunity for investors amid the chaos. Read how

Global stocks paused on Wednesday and currencies were mixed as investors worried over the next potential target for U.S. tariffs under President-elect Donald Trump, a day after he pledged new levies on Canada,