DBS Bank said the original rationale for the tariffs was around trade, the argument being countries running large goods trade imbalances vis-à-vis the US must be doing so due to unbalanced trade policies.

The blue-chip Swiss market index opened 1.8% lower on Monday, the first day of trading after President Donald Trump stunned Switzerland with a 39% tariff rate on its exports to the United States. Francis Maguire reports.

U.S. stocks are rallying and recovering much of their sharp losses from last week, when worries about how President Donald Trump’s tariffs may be punishing the economy sent a shudder through Wall Street.

The Dow Jones Industrial Average climbed 585 points, or 1.3%, and the Nasdaq composite leaped 2%. Idexx Laboratories helped lead the way and soared 27.5% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected.