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

Tariffs, inflation and a slowing economy are all potential issues for investors in the second half of 2025.

The wall of worry has been crumbling with trade deals in motion and the economy remaining in solid shape.

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

A US-brokered ceasefire between Israel and Iran that sparked higher crude prices also boosted market confidence.

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?