Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.

Both the S&P 500 (.SPX) and Nasdaq (.IXIC) - and by extension, MSCI's world equities index (.MIWD00000PUS) - retreated from record peaks after traders shaved back bets of U.S. rate cuts this year as prices rose for things such as coffee and couches, while staying steady for tariff-exempted (for now) items such as cars.

Gov. Gretchen Whitmer is warning that President Donald Trump’s “chaotic policies” on tariffs will cost Michigan residents thousands of dollars each year.

Albertsons shares falls as the gross margin rate drops to the lowest rate in five years, as the company tried to keep prices down despite rising costs.

Gold prices rose on Wednesday as investors digested data showing an increase in U.S. consumer prices last month and waited for further clarity on U.S. President Donald Trump's trade policy.