One of Mr. Trump’s advisers, speaking on the condition of anonymity to describe private conversations, said the Biden presidency proved to Mr. Trump that the stock market is not a foolproof barometer of the economy’s future, nor a useful indicator of voter sentiment. If it were, Mr. Biden, who presided over a booming stock market, would surely be the president, the adviser said, explaining Mr. Trump’s thinking.

 

Trump’s Unwelcome News to Auto Chiefs: Buckle Up for What’s to Come

President Trump’s approach to tariffs has unsettled many corporate leaders who believed he would use the levies as a negotiating tool. As it turns out, he sees them as an end in themselves.

By Jonathan SwanMaggie Haberman and Ana Swanson

Reporting from Washington

• March 17, 2025