Investors fear that Donald Trump’s tolerance for a steep stock sell-off is far higher than it was in his first term as Wall Street loses faith that financial markets will restrain the president’s tariffs and spending cuts.
US stocks have slumped in recent days, with the S&P 500 sinking more than 8 per cent from a record high hit less than three weeks ago, as Trump’s tariffs have triggered concerns over the trajectory of the world’s largest economy.
Many investors and Wall Street banks had bet Trump would ultimately back off his most severe tariff threats and cuts to the federal government if markets respond violently, but hopes for a so-called Trump put have dimmed as markets shudder.
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