U.S. markets have seemed to “keep calm and carry on” this year to date — despite dramatic policy changes that may have delayed impacts on the economy, according to David Kelly, chief global strategist at J.

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

Gulf equities ended largely subdued on Monday, pressured by renewed tensions in the U.S. tariff war, though some investors hoped President Donald Trump's threats were largely rhetorical.