US stocks closed higher on Wednesday as investors weighed President Trump's latest 25% tariff salvo and digested the Federal Reserve minutes for insight into future policy.

The benchmark S&P 500 ( ^GSPC ) moved up about 0.2%, hitting a fresh record high of 6,144.15, after notching a record on Tuesday as well. The Nasdaq Composite ( ^IXIC ) and the Dow Jones Industrial Average ( ^DJI ) both rose about 0.1%.

Wednesday's minutes from the Fed's January meeting revealed most central bank officials supported holding policy at restrictive levels amid concerns about persistent inflation.

"Many participants noted that the Committee could hold the policy rate at a restrictive level if the economy remained strong and inflation remained elevated, while several remarked that policy could be eased if labor market conditions deteriorated, economic activity faltered, or inflation returned to 2 percent more quickly than anticipated," the minutes read.

Participants observed the committee was "well positioned" to take time to assess the "evolving outlook for economic activity" and that further progress on inflation was needed before adjusting rates. The committee pointed to "upside risks to the inflation outlook," citing the possible effects of potential changes in trade and immigration policy.

On the trade front, Trump's fast-moving policy overhaul has been top of mind for investors waiting to assess the impact of tariffs.

Another tariff threat came late on Tuesday, when the president said to expect additional duties on autos , chips, and pharmaceuticals. A flat tariff "in the neighborhood of 25%" would apply to all foreign automakers and start as soon as April 2, he said.

Last week, Trump announced global 25% tariffs on steel and aluminum imports , to take effect on March 12. He later ordered that federal agencies study reciprocal tariffs on trading partners.

Tariffs of 25% on Mexico and Canada are set to come next month, while 10% duties on China have already been implemented.

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