Many Wall Street executives backed President Donald Trump because they were thinking more about what he did in his first term than what he promised to do in his second.
Now that he’s in office, they seem shocked that he meant what he said on the campaign trail.
With Trump’s 100th day in office on Tuesday, tariffs have become his top economic priority, sending markets tumbling — and just as quickly, rebounding — with a passing comment or post on social media.
In just over three months, he’s reordered trade alliances and upended the unique position the U.S. has held in the global economy for decades. The result could send the U.S. into a recession.
None of this should be a surprise. Trump has been praising tariffs for 40 years.
None of this should be a surprise. Trump has been praising tariffs for 40 years. He believes they will bring back manufacturing jobs and help Main Street.
But the back-and-forth, on-again-off-again-back-on-again nature of the tariffs has only led to confusion for businesses. What CEO would make a five-year investment to build a new factory when it’s unclear if the tariffs are happening?
When Trump and his administration aren’t sending conflicting messages about tariffs, he only adds to the economic confusion with threats to Federal Reserve Chair Jay Powell’s job — only to reverse himself a few days later, saying he has “no intention of firing” Powell.
All told, the first 100 days of Trump 2.0 are going down as the worst on record for the stock market compared to other presidents since Richard Nixon.
Both small business owners and Fortune 500 companies tell me today reminds them of the worst days during Covid. One small business owner told the Federal Reserve Bank of Dallas, “If we want to bring manufacturing back to the U.S., can we try not to kill the companies that can actually help do that before we get the chance?”
On the campaign trail, Trump talked a big game about what he’d do to fix the economy, bring down prices, and increase manufacturing jobs. That’s easy when you’re running for president; you don’t have to deliver on what you say.
Now in office, it’s been pandemonium, and that might be the point. Flip over the table, pick up the pieces, and start over. It’s what many voters wanted: They felt the system hadn’t been working for them, so someone needed to mix it up.








