Wall Street Sours on Donald Trump

“Wall Street made a mistake: its titans of finance and business didn’t believe that Donald Trump would really upend U.S. economic policy,” the Financial Times reports.

“During the campaign and transition, they were thrilled about the big tax cuts and lax antitrust enforcement Trump could bring. The price? Some tariffs. But they misread just how far the president would go.”

“He doesn’t care about rattling Wall Street the way he did during his first term. His escalating trade war has planted seeds of distrust and raised fears that financial modelling can’t predict what’s coming… Investors and executives are now dealing with destabilized financial markets as the specter of both higher inflation and a recession loom.”

Said one Wall Street executive: “We didn’t believe him. We assumed that someone in the administration that had an economic background would tell him that global tariffs were a bad idea. We are in for a roller-coaster ride.”