Source: Sharecast
Multiple analysts had in recent weeks mused out loud that Trump's proposals were a negotiating tactic.
But according to CNN, Trump was mulling whether to declare a national economic emergency, which would give him powers to "manage" the country's imports.
Similarly, Bloomberg reported that his transition team was preparing executive orders that would allow him act on tariffs without congressional approval - even amid contrasting views among his advisers.
Against that backdrop, as of 1505 BST the Dow Jones Industrials was off by 0.25% or 108.88 points to 42,422.45, alongside a 0.07% or 2.24 point decline on the S&P 500 to 5,907.31.
The Nasdaq Composite on the other hand was managing to stay in the black, but only just, rising 0.03% to 19,498.20.
The CBoE volatility index was 6.9% higher to 19.06, gold futures by 0.43% to 2,677.0 and the US dollar index by 0.53% to 109.12.
Worth noting, both the Nasdaq and NYSE would be closed for trading on 9 January in respect for former President Jimmy Carter's state funeral.
Economic data was a tad mixed on Wednesday.
According to the Department of Labor, in seasonally adjusted terms the number of initial unemployment claims dropped by 10,000 over the week ending on 4 January to reach 201,000 (consensus: 218,000).
Secondary unemployment claims on the other hand rose by 33,000 over the week ending on 28 December, hitting 1.867m.
Consultancy ADP reported 122,000 new hires in the US private sector during the month of December (consensus: 140,000).
Still ahead, at 1800 BST the US Treasury would hold an auction of 30-year debt.
At 1900 BST the Federal reserve would release the minutes of its last policy meeting.
