Just about everyone thought it was a bluff. Top analysts from the biggest banks on Wall Street said it was highly unlikely. Stocks were trading like it wouldn’t happen. Some companies built contingency plans,

NEW YORK — The threat of a punishing trade war sent Wall Street on a roller coaster Monday. After initially falling sharply on worries about President Donald Trump’s tariffs , U.S. stocks pared their losses after Mexico said it had negotiated a one-month reprieve .

ING Economics estimated that the proposed tariffs, if enacted, would raise annual spending costs for consumers by $835 per American.