In the first 100 days of President Donald Trump’s administration, markets have experienced significant volatility. Trump entered office with bold promises to shake up the economy, promising pro-growth policies that many investors hoped would drive stock markets higher. However, the reality has been far more complicated.

Trump’s Tariff Strategy and Market Reaction

Trump’s aggressive approach to trade, particularly his tariffs aimed at both adversaries and allies, has left markets unsettled. Despite some positive signs in late April when the president indicated a willingness to engage in trade deals and scaled back some of his harsher tariff policies, most assets have remained in the red during Trump’s initial 100 days in office.

Gold has been the standout performer, surging as investors sought safety amidst the uncertainty. The precious metal’s rally highlights the market’s response to ongoing concerns about tariffs and economic policy.

What’s Next for Markets?

Strategists predict that the next phase of Trump’s presidency will likely see continued market volatility driven by headlines, particularly related to tariffs. Michael Kantrowitz, Chief Investment Strategist at Piper Sandler, expressed the view that the primary driver of equities would remain the fluctuating news coming out of Washington, with some potential trade deals offering limited relief for the market but little chance for significant gains.

Gold, as a safe-haven asset, is expected to continue attracting investors as long as policy uncertainty persists. James Steel, Chief Precious Metals Analyst at HSBC, noted that economic policy uncertainty—whether positive or negative—typically pushes gold prices higher. Clarity on tariffs could help dampen gold’s rally, but for now, it remains a key asset for those seeking stability.

Looking Ahead

As the next 100 days unfold, the market is expected to remain headline-driven, with tariffs continuing to be a central theme unless other major legislative actions, such as the tax reform bill, begin to take precedence in Washington.

The volatility and mixed performance across different assets are likely to persist, with the tech sector particularly struggling under the weight of uncertainty. Gold’s rise amid global policy concerns suggests that, unless clarity on tariffs emerges, investors may continue to seek its refuge in the near future.