Wall Street stocks surged Wednesday as traders digested US inflation data and strong earnings reports by major banks.

Donald Trump has been a strong proponent of import tariffs going into his upcoming administration, but how those tariffs will be implemented has been a big question on the minds of Wall Street. According to a recent Bloomberg report,

European indexes were climbing Tuesday after a report said U.S. President-elect Donald Trump is considering raising tariffs gradually rather than aggressively in a bid to rein in inflation. Trump's incoming administration is discussing a plan to use the International Emergency Economic Powers Act to raise levies on foreign imports by 2% to 5% a month,