Stock market returns under presidential administrations are more correlation than causation, regardless of what political pundits say.

U.S. stocks are slipping Tuesday following President Donald Trump’s latest escalation against the United States’ trading partners with tariffs. The S&P 500 was edging down by 0.2% in the U.S. stock market’s first trading since Trump announced 25% tariffs on all foreign steel and aluminum coming into the country.

Asian shares mostly rose Wednesday, as regional markets continued to watch President Donald Trump’s latest tariff escalation

Stocks in Asia were mostly down Tuesday, after U.S. President Donald Trump imposed 25% tariffs on all U.S. imports of steel and aluminum

U.S. stocks rose Monday as Wall Street took President Donald Trump’s latest threat on tariffs in stride. The S&P 500 climbed 0.7%, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy.

Wall Street held relatively firm after President Trump’s latest tariff escalation and after the Federal Reserve hinted interest rates may not change soon.