Market chaos and economic uncertainty has been a feature of the president’s first few months back in office. DealBook breaks down the milestones, and what to expect next.

Trump’s tumultuous start

When President Trump took office in January for his second term, business leaders anticipated an administration that would lower taxes, loosen regulations and open up deal-making.

Instead, Wall Street got chaos. The president has taken a cudgel to global trade with enormous tariffs, threatened the independence of the Fed and made the landscape for M.&A. more uncertain.

Under Trump, the S&P 500 has fallen about 8 percent, the worst performance for the first 100 days of a presidency since President Gerald Ford in 1974.

Back then, the Watergate scandal prompted political instability and the economy was facing a recession and an oil crisis. The markets this year have been socked by the president’s protectionist trade policy.

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