In April, the stock and bond markets were in turmoil after Trump unveiled a more-severe-than-expected tariff plan.

The S&P 500 flirted with a new record on hopes of interest-rate cuts.

In April, the stock and bond markets were in turmoil after Trump unveiled a more-severe-than-expected tariff plan.

Where would the S&P 500 be today if Trump hadn't shocked Wall Street with much steeper-than-expected tariffs?