After spending his campaign lying about promises to bring down costs and grow the economy, the stock market’s performance under Donald Trump since Inauguration Day is “now the worst for any president” since the Great Depression. In his first few months in office, Trump has heightened inflation expectations, slowed economic growth, and threatened his own supporters’ economic security. Economists and business leaders are now sounding the alarm on a “Trump recession” on the horizon. 

Here’s a look at how Trump’s reckless economic agenda is hurting Americans:

Wall Street Journal: “The Dow Jones Industrial Average shed almost 1,000 points on Monday and is headed for its worst April performance since 1932, according to Dow Jones Market Data. The S&P 500’s performance since Inauguration Day is now the worst for any president up to this point in data going back to 1928, according to Bespoke Investment Group.

“Concerns about the economy, along with fears about Trump’s growing feud with the Fed, are weighing on the U.S. dollar. The ICE U.S. dollar index, a measure of the dollar against a basket of major currencies, slipped more than 1% on Monday to its lowest level in three years. …

“The mood on Wall Street is darkening as a result. Bearishness levels—or expectations that stock prices will fall—among ordinary investors have hovered above 50% for eight consecutive weeks, according to a weekly survey from the American Association of Individual Investors. That is the longest-lasting bear majority on record, the investor group said, based on data going back to 1987.”

Washington Post: “The global economy will slow sharply this year, weighed down by President Donald Trump’s imposition of the highest import taxes in more than a century and the cloud of uncertainty that has billowed in their wake, the International Monetary Fund said Tuesday.

“Global growth will downshift to an annual rate of 2.8 percent, half a percentage point lower than projected in January and a ‘significant slowdown,’ the fund said. Only a tepid rebound to 3 percent growth is likely in 2026, leaving the world economy expanding for the next two years well below its long-run average of 3.7 percent, according to the fund. Progress on bringing inflation under control also will be hurt.

But the slowdown will be particularly sharp for the U.S. economy, which will grow this year at an annual rate of 1.8 percent, one-third lower than its January estimate and a full percentage point below last year’s mark, the fund said.”

CNBC: “Goldman Sachs CEO David Solomon: The level of uncertainty is too high and not productive” 

Financial Times: “Trump tariff talk roils US oil industry in bedrock Republican territory”

“Donald Trump’s global trade war is threatening a corner of America that voted in droves for the Republican president last year: oil-producing North Dakota. …

“Trump’s tariff rhetoric triggered an oil price sell-off, with US prices plunging below $60 a barrel (West Texas crude settled at $63.08 a barrel on Monday). The escalation raised concerns across the US shale patch, some of the reddest parts of America, about an impending slowdown.”

Wall Street Journal: “U.S. Faces Recession This Year, IIF Says”

“The global finance industry is braced for a recession before the year is out.

“The U.S. economy is likely to shrink by an annualized 0.8% in the third quarter, and 0.3% in the last three months of 2025, according to a note Monday from the Institute of International Finance. …

“Tariffs could help lift inflation, as measured by annual core PCE, toward 4.6% by year-end. The gauge, which is favored by the Federal Reserve, was running at at 2.8% as of February.”