US President Donald Trump’s tariffs are giving international stocks a serious lift and at the same time helping to end the S&P 500 Index’s run of global dominance — at least for now.

President Donald Trump stunned markets Wednesday by announcing 100% tariffs on imported semiconductor chips — but major chip stocks rallied. Taiwanese chip giant TSMC's stock closed 4.9% higher. In South Korea, Samsung Electronics ended 2.5% higher while SK Hynix reversed losses of over 3% in early trade to close 1.4% up.

U.S. stocks drifted to a mixed finish as President Donald Trump’s tariffs on dozens of countries had only a muted effect on markets worldwide.