NEW YORK (Reuters) – U.S. and European stock indexes gained on Wednesday after news that U.S. President Donald Trump planned to delay tariffs on auto imports, offsetting earlier pressure on equities from weak U.S. and Chinese economic data that helped depress bond yields.
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 14, 2019. REUTERS/Brendan McDermid/File Photo
Trump is expected to delay a decision on tariffs on imported cars and parts by up to six months, three administration officials told Reuters. Fears about an escalating global trade war, particularly following a spike in U.S.-China tensions, have rattled markets over the past week.
Meanwhile, U.S. Treasury Secretary Steven Mnuchin said he will likely travel to China soon to continue talks as Washington and Beijing seek to resolve their months-long trade war.
Major U.S. and European stock indexes ended higher after falling earlier in the session.
On Wall Street, the…