When President Trump took office, it wasn’t clear whether he would have a positive or negative impact on the broad economy and stock market. But the events of the past week have been telling. Recession fears and concerns about a blown-out tariff war between the U.

Wall Street stocks sank and gold hit a fresh record high on Thursday as Donald Trump’s tariffs and investor doubts about a potential ceasefire between Russia and Ukraine weighed on risky assets. The blue-chip S&P 500 fell 1.