Trump’s Tariffs Are Whiplash Warning for Corporate America (2)

Donald Trump opened his second term as US president with a market-jolting recalibration of his tariff policies, in a sign of turbulence ahead for investors and corporate executives.

Early Monday, it looked like Trump would hold off on his campaign vow to place steep tariffs on imports from China, Mexico and Canada.

Investors had been bracing for an economic show of force by Trump, who had said “tariff” was the most beautiful word in the dictionary. Then, a report that the administration would take a more deliberate approach to tariffs helped calm traders who had been snapping up dollars at ...