A couple deals with major trading partners could mean the effective tariff rate rises from 16% to 18% versus 21% scenario, according to Pingle.Nadia Lovell, senior U.S. equity strategist for UBS Global Wealth Management,

Analysts said the muted market response was because many investors expected the levies to settle at lower levels after negotiations.

Global markets are telling conflicting stories about the possible longer-term impact of U.S. tariffs on growth, a schism that investors say means either stocks or bonds could see a steep correction once it's clear which is right.