The stock market posted an uneven performance on Wednesday amid an escalating global trade war and concerns about a possible recession.<\/p>\n\n\n\n
After initial modest gains, the Dow Jones Industrial Average closed down 80 points, or 0.2%, while the S&P 500 climbed 0.5%. The tech-heavy Nasdaq ticked increased 1.2%.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Tit-for-tat tariffs continued to rattle global trade early Wednesday, however.<\/p>\n\n\n\n
Trump\u2019s 25% tariffs on all imported steel and aluminum products went into effect<\/a> overnight. In response, Canada and the European Union slapped retaliatory duties on U.S. goods.<\/p>\n\n\n\n Tesla, the electric carmaker run by Elon Musk, soared about 7.5% on Wednesday. The gains came a day after Trump touted the company alongside Musk in an event at the White House.<\/a><\/p>\n\n\n\n Some economists say that while the U.S. tariffs could boost the local steel industry in the United States<\/a>, they could also lead to higher prices for industries that purchase steel. Those higher prices may eventually reach consumers.<\/p>\n\n\n\n The U.S. relies heavily on imported aluminum and those costs are expected go up as well.<\/p>\n\n\n\n