But gold, a classic haven, rose above $3,000 an ounce, a record.

For now, the administration isn’t backing down. Treasury Secretary Scott Bessent said on Thursday that Trump’s trade policies would yield long-term growth gains: “I’m not concerned about a little bit of volatility over three weeks,” he told CNBC.

Steven Mnuchin, who was Treasury secretary during Trump’s first term, also played down recession concerns and urged investors not to “overreact.”

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