Markets had dismissed tariff risks under the assumption that Trump would follow an earlier pattern and back off, in what became known as the so-called TACO trade. That allowed stocks to reach new record-high territory recently, marking a stunning rebound from the collapse triggered by his “Liberation Day” reciprocal tariffs in April.

Trump’s tariffs and the trade war continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.