In the long run, the changes in the U.S. economic fundamentals under Trump's policies had a lasting impact on the U.S. stock market. The tariff policy led to higher costs for U.S. businesses, disrupted global supply chains, and squeezed corporate profits, putting pressure on the stock market's long-term performance. At the same time, market confidence and changes in investor expectations played an important role. The uncertainty of Trump's policies led investors to worry about the long-term prospects of the stock market, reducing risk appetite and causing capital to flow out of the U.S. stock market and toward safer, more stable assets.