U.S. stocks are drifting Tuesday following President Donald Trump’s latest tariff escalation and after the head of the Federal Reserve hinted interest rates aren't likely to change for a while. The S&P 500 was virtually unchanged in the market’s first trading since Trump announced 25% tariffs on all foreign steel and aluminum

The Standard & Poor’s 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. The Dow Jones industrial average added 167 points, or 0.4%, and the Nasdaq composite rallied 1% as Nvidia and other Big Tech stocks led the way.

The editorial board of The Wall Street Journal is warning President Trump is making similar mistakes on trade to those during his first term in the White House. Noting Trump’s orders