Wall Street Thought Trump Was One of Them. Wrong!: Chris Bryant

President Donald Trump’s decision to hit America’s trading partners with sweeping and clumsily designed tariffs is forcing investors to reassess their shared belief that his second term would be positive for financial assets and the economy. Hearing money managers try to rationalize this unravelling reveals a lot about how Wall Street got Trump so wrong.

While the president’s populist tendencies and extreme views on trade were known risks, his wealthy backers were more focused on his promises to cut taxes and regulations. The inclusion of several billionaires in his administration instilled confidence he’d do little to jeopardize their stock market portfolios. Yet ...