Stocks and bonds posted small moves in the hours before President Donald Trump’s tariffs announcement, with speculation swirling over the details of the proposed trade action.

Stocks dropped around the world, bonds climbed and gold hit another record high, with traders bracing for President Donald Trump’s tariff announcement that’s heightening concerns of a wider trade war as the economy shows signs of slowing.

Yet Leavitt seemed to suggest that Trump's tariffs threats were already extracting concessions from countries or regions he has threatened — raising the possibility that the tariffs regime he will put in place may not be as aggressive as feared.