An eleventh-hour deal achieved President Trump’s political aims, but Wall Street remains concerned that tariffs will become a permanent threat in negotiations.

The S&P 500 was down 0.6% in midday trading after Asian and European indexes logged worse drops. The Dow Jones Industrial Average was down 39 points, or 0.1%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1% lower.

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,